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Internal and external trends: LME copper continued to be weak on Wednesday, as of 15:57 Beijing time, 3-month London copper was reported at $5815 / ton, unchanged
from yesterday's closing price.
The main 2001 contract of Shanghai copper opened low and fluctuated, with the highest 47120 yuan / ton and the lowest 46910 yuan / ton during the day, and the closing price of 46980 yuan / ton, down 0.
21% from the closing price of the previous trading day; The trading volume was 91244 lots, and the daily decrease was 2634 lots; The position was 197,000 lots, a daily decrease of 108 lots
.
The basis was expanded to 110 yuan/ton; The price difference of Shanghai copper in 2001-2002 widened to -80 yuan / ton
.
Market focus: (1) The 15th batch of "Restricted Category Publicity Form" was announced on December 3, containing 7,970 tons
of copper scrap and scrap.
(2) Rio Tinto will invest US$1.
5 billion to extend the life
of copper mines in the United States.
Spot analysis: On December 4, spot 1# electrolytic copper was quoted at 47070-47110 yuan / ton, with an average price of 47090 yuan / ton, down 60 yuan / ton
per day.
Traders once again led the market, downstream bargain hunting gradually increased, holders pushed up the water intention is not exhausted, the premium continues to rise in a stable pattern
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 62,233 tons on Tuesday, a daily decrease of 2,370 tons; On December 3, LME copper stocks were 206,250 tons, a daily decrease of 2,275 tons, and a decline of 8 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2001 contract were 60372 lots, a daily increase of 1101 lots, short positions were 74412 lots, a daily decrease of 1473 lots, a net short position of 14040, a daily decrease of 1833 lots, and a long increase and a decrease
.
Market research and judgment: On December 4, the main force of Shanghai copper 2001 jumped and shocked, closing the doji, touching a new low in nearly half a month, and the bulls reduced their positions to suppress
.
During the period, US President Trump said that the signing of the Sino-US trade agreement depends on the will of the US side, coupled with the recent signing of the Hong Kong-related bill by the United States, the situation is biased towards pessimism, and market concerns are rising, putting pressure
on copper prices.
However, at the same time, the US index continued to slide to partially support
copper prices.
In terms of spot, the downstream bargain receiving has gradually increased, and the intention of the holders to push up the water is still not exhausted, and the premium continues to rise steadily
.
Technically, the main 2001 contract daily KDJ indicator of Shanghai copper is dead, MACD red column turns green column, and it is expected that the short-term volatility will still be weak
.
Operationally, it is recommended that the Shanghai copper 2001 contract can be short around 47100 yuan / ton, and the stop loss is 47200 yuan / ton
.
