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LME copper stopped falling and recovered on Monday, and as of 15:00 Beijing time, the three-month London copper was reported at $5,898 / ton, up 0.
31%
on a daily basis.
The main 2001 contract of Shanghai copper rebounded, with the highest 47380 yuan / ton, the lowest 47060 yuan / ton, and the closing price of 47300 yuan / ton, down 0.
04% from the closing price of the previous trading day; The trading volume was 99282 lots, an increase of 15004 lots per day; The position was 203,300 lots, a daily decrease of 7,112 lots
.
The basis was expanded to 45 yuan/ton; The price spread of Shanghai copper in 2001-2002 narrowed to -90 yuan / ton
.
Market focus: (1) China's Caixin China manufacturing PMI recorded 51.
8 in November, up 0.
1 percentage points from October, recovering for five consecutive months and the highest
since 2017.
(2) At 23:00 Beijing time on Monday, the US ISM manufacturing PMI data for November will be released, which is expected to rebound to 49.
5
from 48.
3 last month.
(3) In the third quarter, the company's pre-tax income was $603 million, down 57% year-on-year, and mine copper production was 1.
1 million tons, down 6.
7%.
Spot analysis: On December 2, spot 1# electrolytic copper was quoted at 47320-47370 yuan / ton, with an average price of 47345 yuan / ton, a daily increase of 45 yuan / ton
.
At the beginning of the month, traders are willing to hold prices strongly, low-priced sources still attract some traders to buy, downstream to maintain just demand performance, traders are active, into December, the current capital is still abundant, inventories are low, this week the market's willingness to push up water is clear
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 64,873 tons on Monday, a daily increase of 5,279 tons; On November 29, LME copper stocks were 208625 tons, down 1,575 tons per day, down for six consecutive days
.
As of the week of November 29, the stock of copper cathode on the Shanghai Futures Exchange was 120192 tons, a weekly decrease of 14,845 tons, a decline of four consecutive weeks
.
Main positions: the top 20 long positions of Shanghai copper main 2001 contract were 61208 lots, minus 2605 lots per day, short positions were 79304 lots, daily minus 1426 lots, net short positions were 18096 lots, daily increase of 1179 lots, long and short were reduced, net space increased
.
Market research and judgment: On December 2, the main force of Shanghai copper in 2001 rebounded
.
China's Caixin manufacturing PMI performance in November was better than expected, the trend was consistent with the data of the National Bureau of Statistics, and both ran in the expansion range, which boosted market confidence, while the upstream copper mine supply performance was tight, and the midstream copper inventory showed a downward trend, so that copper prices can strengthen the upward movement, but the signing of the Hong Kong-related bill in the United States, the Sino-US trade negotiation situation has added uncertainty, coupled with the lack of significant improvement in the terminal industry, demand is still weak, forming some pressure
on copper prices.
In terms of spot, traders at the beginning of the month have a strong willingness to raise prices, low-priced sources still attract some traders to buy, downstream maintenance of rigid demand performance, traders performance is active
.
Technically, the Shanghai copper main 2001 contract is longer and the lower shadow, the daily MACD red column is slightly increased, and the short-term shock is expected to be strong
.
