The bullish atmosphere is heavier, and the main force of Shanghai copper rose sharply

Market focus: (1) The preliminary Markit manufacturing PMI in the United States recorded 56.
7 in November vs 53 expected and 53.
4 in the previous month, the highest since September 2014; the preliminary PMI of the services industry recorded 57.
7, 55.
3 expected, and 56.
9 in the previous month, the highest
since March 2015.
(2) According to Mysteel data, China's electrolytic copper spot inventory on the 23rd was 190,900 tons, down 06,200 tons from last Friday; China's bonded zone inventory was 434,000 tons, down 15,000 tons from last Friday and 11,000 tons
from last Monday.

Spot analysis: On November 24, spot 1# electrolytic copper was quoted at 54000-54200 yuan / ton, with an average price of 54100 yuan / ton, down 50 yuan / ton
daily.
Changjiang Nonferrous Metal reported that high prices suppressed procurement sentiment, and the transaction of a small number of low-priced sources was smooth, and the overall transaction was not satisfactory
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 43,638 tons on Tuesday, a daily decrease of 2,097 tons, a decline of 6 consecutive days; On November 23, LME copper stocks were 156075 tons, down 1,275 tons per day, down 13 consecutive days
.

Main positions: the top 20 long positions of Shanghai copper main 2101 contract were 94098 lots, a daily increase of 5768 lots, short positions were 93988 lots, a daily increase of 6240 lots, a net long position of 110 lots, a daily decrease of 472 lots, both long and short increases, and net long decreased
.

Market research and judgment: Shanghai copper 2101 rose
sharply on November 24.
U.
S.
corporate activity grew at its fastest pace since 2015 in November, and market risk aversion eased
.
The supply of upstream copper mines remained tight, copper processing fees TC remained low, and smelter production costs continued to be high; The recent improvement in downstream demand in the copper market has driven the continuous dematerialization of inventories, and the current Shanghai copper inventory has reached a low level in nearly six years, and copper prices have performed
strongly.
However, domestic smelting production has shown an upward trend, coupled with the recent opening of the import window, the bonded zone inventory has increased, which has formed some resistance
to copper prices.
Technically, the Shanghai copper 2101 contract position increment increased, the bull atmosphere is heavier, and it is expected to be strong short-term shock
.