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The LME copper market
is closed on Wednesday.
The main 2002 contract of Shanghai copper fluctuated and rose, with the highest 49,710 yuan / ton and the lowest 49,390 yuan / ton during the day, and the closing price of 49,600 yuan / ton, up 0.
02% from the closing price of the previous trading day; The trading volume was 133,200 lots, a daily decrease of 67,532 lots, and the position was 284,500 lots, an increase of 2,570 lots
per day.
The basis expanded to -330 yuan/ton; The price spread of Shanghai copper in 2002-2003 narrowed to -110 yuan / ton
.
Market focus: (1) The US Richmond Fed manufacturing index for December was -5, 1 expected, -1
prior.
(2) Nevada Copper Pumpkin Hollow has delivered its first copper concentrate since commissioning on Dec.
16
.
Spot analysis: On December 25, the spot 1# electrolytic copper quotation was 49200-49340 yuan / ton, the average price was 49270 yuan / ton, and the daily increase was 370 yuan / ton
.
The proportion of monthly ticket quotations in the market will increase, the holders will ship actively, copper prices will rise sharply, downstream will be afraid of high buying and downturn, and downstream companies are gradually joining the team of year-end settlement
.
Copper prices will continue to consolidate strongly before the end of the year, traders will gradually fade out of the market due to year-end settlement, the market trading atmosphere has faded, and the stalemate pattern will continue before the end of the year
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 53,381 tons on Wednesday, a daily decrease of 1,335 tons, a decline of 6 consecutive days; On December 24, LME copper stocks were 149075 tons, down 2,025 tons per day, and fell for 23 consecutive days
.
Market research and judgment: On December 25, the main force of Shanghai copper rose in 2002
.
The dollar rally has slowed down, while the Sino-US trade situation is optimistic, and the upstream copper TC/RC price decline, China's scrap copper imports are still expected to decline, raw material supply is tight, coupled with the global copper overt inventory continues to decline, of which London copper inventory fell by a large margin, reaching a new low since March, copper prices performance is strong, but the global economic downward pressure is greater, the recent US economic data is significantly less than expected, while Sino-US trade is still uncertain, the market expects further details, risk aversion still exists, pressure on copper prices
。 In terms of spot, the proportion of monthly ticket quotations in the market will increase, holders will ship actively, copper prices will rise sharply, downstream will be afraid of high buying and downturning, and downstream companies are gradually joining the team of year-end settlement
.
Technically, the main 2002 contract daily KDJ indicator golden cross, the position increased, and the short-term shock is expected to be strong
.
