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LME copper rushed back on Tuesday, and as of 15:10 Beijing time, the three-month London copper was reported at $6203.
5 / ton, up 0.
13%
on a daily basis.
The main 2002 contract of Shanghai copper continued to rise, with the highest 49460 yuan / ton, the lowest 49100 yuan / ton, and the closing price of 49260 yuan / ton, up 0.
33% from the closing price of the previous trading day; The trading volume was 191,900 lots, a daily decrease of 81,380 lots, and the position was 286,000 lots, an increase of 6,342 lots
per day.
The basis expanded to -295 yuan/ton; The price difference of Shanghai copper in 2001-2002 widened to -150 yuan / ton
.
Market focus: (1) In November, the added value of industries above designated size in the country increased by 6.
2% year-on-year; The total retail sales of consumer goods reached 3,809.
4 billion yuan, a year-on-year increase of 8.
0%.
(2) The preliminary value of the US Markit manufacturing PMI in December was 52.
5, the previous value and expectations were 52.
6; the Markit services PMI was 52.
2, higher than the previous value of 51.
6 and the expectation of 52
.
(3) Nevada Copper said Monday that production has begun at its Pumpkin Hollow mine in the western United States, which is expected to produce 27,000
tons of copper concentrate per year.
Spot analysis: On December 17, spot 1# electrolytic copper was quoted at 48920-49010 yuan / ton, with an average price of 48965 yuan / ton, a daily increase of 300 yuan / ton
.
The market is rising, the holders have difficulties in shipping, there is room for price reduction, and the discount expansion traders may still have room to operate, but the holders may not be willing to enlarge the discount shipment during the final delivery of the annual long order, in addition to being forced to cash out under financial pressure, the overall trading atmosphere during the day is cautious
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 60,962 tons on Tuesday, a daily increase of 466 tons; On December 16, LME copper stocks were 167475 tons, down 4,325 tons per day, down 17 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2002 contract are 90712 lots, a daily increase of 265 lots, short positions 104501 lots, a daily increase of 1509 lots, a net short position of 13789 lots, a daily increase of 1244 lots, long and short increases, net space increases
.
Market research and judgment: On December 17, the main force of Shanghai copper in 2002 continued to rise
.
Strong US PMI data for December, with the services sector, which accounts for the majority of the economy, beaten expectations, while China's November industrial and retail sales data were also better than expected, market confidence was boosted, coupled with the recent optimistic Sino-US trade situation and copper inventories, copper prices performed strongly, but the signing of the Sino-US trade deal still lacked details, and the US economic data was stronger than the Eurozone, which pushed the dollar higher, putting some pressure
on copper prices 。 In terms of spot, the holders have difficulties in shipping, there is room for price reduction, and traders may still have room for operation during the final delivery of the annual long order, but the holder may not be willing to enlarge the discount shipment during the final delivery of the annual long order, and the overall trading atmosphere during the day is cautious
.
Technically, the main 2002 contract of Shanghai copper increased its position, and the daily moving average showed a long arrangement, and it is expected to continue to rise
slightly in the short term.
