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Today's Shanghai copper stopped falling and rebounded, out of yesterday's plunge atmosphere, the red disk reappeared, spot copper prices were supported by this to fully stop falling and rise, but near the end of the year trading is light, it is expected that the short-term upside is limited
.
After more than two weeks of volatile decline, copper prices have accumulated a certain decline, and the risk has been released to a certain extent, and it is expected to be adjusted
in the range in the short term.
Externally, the LME market was closed for the Christmas holidays and resumed
on the morning of Wednesday, December 28.
In terms of macro, according to the National Bureau of Statistics, from January to November, the total profit of industrial enterprises above designated size in the country was 6.
03341 billion yuan, an increase of 9.
4% year-on-year, and the growth rate was 0.
8 percentage points
faster than that from January to October.
In November, industrial enterprises above designated size achieved a total profit of 774.
57 billion yuan, a year-on-year increase of 14.
5%, and the growth rate was 4.
7 percentage points
faster than that in October.
The effect of enterprises has steadily improved, industrial producer prices have risen significantly, and corporate profits have also risen
significantly.
In terms of the market, the spot 1# copper of the Yangtze River was reported at 44080 yuan / ton during the day, up 500 yuan / ton from the previous trading day, and the discount was 190 to 150; Guangdong spot 1# copper price was 44310 yuan / ton, up 720 yuan; Huatong spot 1# copper price was reported at 44105 yuan / ton, up 500 yuan / ton
.
Shanghai area 1# electrolytic copper 44,000 yuan / ton, up 600 yuan, flat water copper transaction 44,000 yuan up 320, premium copper transaction 44075 yuan up 355; Today's spot copper prices rose, holders actively shipped, downstream procurement willingness was not high, and the overall market transaction was average
.
In terms of news, analysts at Bank of America Merrill Lynch believe that the performance of copper prices in 2016 has obviously dragged down the base metals as a whole
.
However, the bank believes that in the first half of 2017, copper prices will come out of a wave of supplementary
rises.
Bank of
America Merrill Lynch made this judgment based on expectations of a further tightening of the supply-demand balance.
Bank of America Merrill Lynch expects copper supply to grow by only 1.
3% in 2017, while major economies other than China expect demand to grow by 2.
6%.
As for China, the agency said China's copper demand drivers could change, but the government is unlikely to tolerate a sharp slowdown
in economic growth until the 19th Party Congress in 2017.
Although the performance of Shanghai copper stabilized today, the range was stable, but from the perspective of the market, Shanghai copper's funds are still biased towards outflow, and the position continues to decrease, and Shanghai copper is still cautiously bearish
.
The short-term copper market trend may usher in an improvement, but for the future market, analysts pointed out that seasonal off-season, liquidity tightening, deleveraging and other factors have made commodity bulls accelerate the pace of profit-taking, and the copper market is expected to be mainly adjusted, which may appear repeatedly
.
