The contradiction between supply and demand in the copper market is not prominent, and the future market still needs to be cautious

Spot market price, December 10 1# copper important market spot price: Yangtze River spot average price 49410, down 60 from the previous day; The average spot price in Guangdong was 49250, down 20 from the previous day; The average spot price in Wuhan was 49400, down 50 from the previous day; The average spot price in Chongqing was 49450, down 50 from the previous day; The average spot price in Beijing was 49400, down 50
% from the previous day.

In terms of news, China and the United States reached a preliminary consensus at the G20 meeting, avoiding further escalation of the trade conflict, and extended the negotiation period, in exchange for 90 days of negotiation time, there are actually no significant results at present, the temporary situation will not deteriorate further, the comprehensive contradictions between China and the United States will not be resolved in the short term, especially the recent Huawei incident has caused more uncertainty, the fundamental contradiction between supply and demand is not prominent, but at present, Shanghai copper is in the 50,000 line, scrap copper is withdrawn from the market, fine copper is needed to fill, and the exchange inventory has decreased significantly.
Support period copper
.

In terms of industry, under the scarcity of new copper mine projects in the world and the overall decline in the grade of produced copper, it is expected that the copper concentrate production in 2019 will only be about 300,000 tons, while the increase in refined copper will be about 700,000 tons, and the supply of copper ore tends to be tight, so the 2019 long single processing fee TC signed by Jiangxi Copper and Antofagasta is 80.
8 US dollars / ton, down 1.
45 US dollars / ton
from the same period last year.
Overall, with the passage of the era of high growth of copper consumption in China, global copper consumption has entered a steady and low-speed growth
.
According to ICSG, the international copper research group, global refined copper consumption increased by 2.
63% to 24.
89 million tons
in 2019.

In terms of data, data released by China's General Administration of Customs on Saturday showed that China's imports of unwrought copper and copper products in November were 456,000 tons, up 8.
6% month-on-month but down 3%
year-on-year.
China's imports of unwrought copper and copper products from January to November were 4.
869 million tons, an increase of 14.
9%
year-on-year.
China's imports of copper ore and its concentrate in November were 1.
699 million mt, and China's imports of copper ore and its concentrate from January to November were 18.
254 million mt
.

The disk looks at the cycle copper upward breakthrough failure, and into the range shock area, from the trend of the internal and external disk have a long period of sideways, for the next wave of market reserve enough energy, the current macro is relatively favorable, the upside is greater than the downside, short-term there is upward demand
.