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On Monday, copper prices weakened, attracting some short funds inflow, Shanghai copper volatility is weak, Shanghai copper 1902 contract trading range of 48030-48510 yuan / ton, the end of the day closed at 48100 yuan / ton, down 0.
52%
on the day.
In the external market, as of 15:22 Beijing time, the three-month London copper was reported at 5984.
0 US dollars / ton, up 0.
10% on the day, and its upper pressure level was focused on 6000.
0 US dollars / ton
.
In terms of the market, Shanghai copper continued to maintain a low level of consolidation, around 48200 yuan / ton of first-line sorting
.
The market is still more sought after the invoice of the month, holding the current month invoice source holders have a strong willingness to raise the price, the morning quotation premium 100-170 yuan / ton, the quotation is high, difficult to have a transaction, and is close to the end of the final delivery of the long order, the invoice holder of the month is eager to exchange cash at the high and take the initiative to reduce the quotation, good copper is reduced to about 150 yuan / ton, flat water copper tried to struggle at the premium of 100 yuan / ton
.
After eleven o'clock, the market lowered the price again in a cautious wait-and-see attitude, and the market gradually increased the group of invoice quotations next month, and the next month's invoice flat water copper quotation premium 20-50 yuan / ton, good copper quotation premium about
100 yuan.
Following the monthly invoice of the downstream concentrated low replenishment last week, the market invoice transaction volume of the current month has gradually declined at the beginning of this week, and the market is optimistic about
the full next month's invoice quotation premium after the week.
On the news front, the Asian dollar was weak, now trading around 96.
829, with data showing that U.
S.
factory commercial orders fell in November, failing to meet expectations, providing the latest sign
of a slowdown in demand due to the trade conflict.
In terms of industry, First Quantum Minerals Ltd.
It plans to cut at least 2,500 jobs in Zambia, citing a boost in mining taxes
by the Zambian government.
The layoffs will be implemented in phases in the first quarter of 2019 and split equally between the company's Kansanshi and Sentinel mines
.
During the day, the Shanghai copper shock was weak, as the US stock market continued to fall and Trump and the Democratic Party still had large differences in the negotiations on border wall funding, which meant that part of the government shutdown will last until after Christmas, and market risk aversion increased
.
On the technical side, futures prices continued to come under pressure below the moving average system, and the intraday rebound to the 5-day moving average came under pressure and retreated, indicating insufficient short-term upward momentum
.
