Shanghai copper weak shock intraday decline slightly narrowed

Externally, today's LME March copper shock declined
.
It opened at $5818 in the morning, fell to the lowest point of $5777.
5 after the opening and rebounded and warmed up, and the midday shock rose to the highest point of $5834 after finishing, and fell back at the end of the day, closing at $5809 during the domestic trading session
.

Macro: The Federal Reserve will hold an interest rate meeting next week, as far as the economic data released so far, employment, manufacturing, real estate, consumer index and other indexes are performing well, strongly supporting the interest rate hike process, but relevant officials said that the interest rate hike will be a slow process, and it is not ruled out to wait for the Trump administration to raise interest rates
after it is stable.
Overall, the probability of a rate hike in December remains high
.
Today, the black series still maintains an upward trend, while non-ferrous metals have retraced again, and the market trend is slightly unstable, or affected by the recent global "black swan" event and the year-end capital withdrawal
.

Market: Today's market supply is acceptable, imported brands and domestic brands are widely circulated in the market, traders are actively shipping, especially some traders want to return funds as soon as possible to relieve the tension pressure and suppress the discount to stimulate consumption, some quotations are lower than the market average
.
However, the overall trading of the market is still weak
.
The purchasing enthusiasm of downstream manufacturers has slightly improved compared with yesterday, mainly due to the decline in prices, manufacturers are willing to purchase on demand, but from the perspective of transactions, they are still cautious
.
The afternoon premium is basically the same as in the morning, with good copper reported at B50-B60 yuan, flat water copper B00-B30 yuan, and wet copper reported around C150-C120 yuan
.
According to the survey results of the Shanghai Nonferrous Metals Trading Center, most traders hold a volatile view, and a small number of traders hold a declining view
.

Industry: The General Administration of Customs announced on December 8 that China imported 380,000 tons of unwrought copper and copper in November and 290,000 tons
of unwrought copper and copper in October.
The total import of unwrought copper and copper products from January to November was 446 tons; In the same period last year, the total was 428 tons, an increase of 4.
3%
year-on-year.

In terms of macro environment, next week's Fed December meeting has become the focus of market attention, and the probability of raising interest rates is almost 100%, but because the market has been prepared more sufficiently, it is unknown whether this meeting can impact the market, but the attitude still needs to be cautious
.
Technically, the two rushes of Shanghai copper this week show that the pressure above the 48500 line is extremely strong, and it is expected to be difficult to break through in the short term, so it continues to be treated as a volatile market, and the lower support is at the 46000 line
.