Shanghai copper shock sorting out It is still difficult to break the position in the short term

Externally, London copper opened at 5492 US dollars / ton, the US dollar index rose sharply to 103.
44 during the Asian session, the daily average of London copper fell down, the low recorded 5450.
5 US dollars / ton, intraday as the dollar index gave up part of the gains, London copper bulls increased positions in, copper prices rose sharply, and then after a slight consolidation near the 5 and 10-day moving averages, the bulls once again made a force, pulling copper prices to break through the upper adhesion, the European session continued to maintain the upward momentum, as of 17:45, London copper reported 5536 US dollars
。 Intraday copper rose sharply to recover some of yesterday's losses, but the rally is not firm, beware of the risk of
a pullback.

On the macro front, from the perspective of leading factors, the strength of the US dollar still put pressure
on copper prices.
Data released by the American Institute for Supply Management showed that the ISM manufacturing index in the United States was 54.
7 in December, beating expectations of 53.
7, indicating that the US manufacturing industry continues to expand
.
In addition, US construction spending rose 0.
9% month-on-month in November, the highest in a decade, as the dollar was sharply boosted and metal prices were weighed
on.

In terms of the market, Shanghai copper opened low in the morning, attracting some speculators to enter the market operation, the proportion of premium copper inventory is relatively low, the transaction is active, coupled with the existence of replenishment demand by some traders, the benefit of flat water copper is gradually narrowing, especially after the copper price has rebounded, the willingness of holders to raise prices has increased, but wet copper is still lacking, downstream on-demand goods are the mainstay, there are no obvious signs of stocking before the Spring Festival, and the market transaction is dominated by middlemen replenishment
。 The afternoon session continued to rise, the holders were not in a hurry to ship, the quotation was firm, especially good copper, has narrowed to a discount of 70 yuan - discount 60 yuan / ton, flat water copper continued to follow, flat water copper report discount 130 yuan / ton - discount 100 yuan / ton, premium copper report discount 100 yuan / ton - discount 70 yuan / ton, the transaction price rose to 44900 yuan / ton - 45080 yuan / ton, the afternoon transaction price is more than 45000 yuan / ton, downstream enterprises are suppressed, still mostly middlemen in action
。

Industry: Peru's copper production surged 32.
8 percent in November from a year earlier, with increases in zinc, gold and iron
, the country's energy and mining ministry said on Friday.
The increase in production was mainly due to the commissioning of new mines and the expansion of copper mines, which contributed to a 42.
3% year-on-year increase in copper production from January to November, but both within market expectations
.
The message is neutral
.

On the whole, copper short-term 44000 support is strong, copper recent fundamentals have not changed much, it is difficult to support a new high
.
Peruvian copper production increased, but within market expectations, there was no pressure on copper prices
.
In terms of spot, the downstream is mainly on-demand delivery, and there are no obvious signs of stocking before the Spring Festival, and the market transaction is mainly
replenished by middlemen.