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Friday's Shanghai copper main contract opened at 47270 yuan / ton in the morning, after the opening the center of gravity slightly moved up to around 47310 yuan / ton and maintained stability, near midday continued to fall back to around 47270 yuan / ton, the afternoon opening immediately down to the lowest level of the day 47220 yuan / ton, then investors lack recognition of the low, after a short dip the center of gravity quickly returned to around 47260 yuan / ton, the end of the session slightly pulled up and closed at 47320 yuan / ton, down 70 yuan / ton, down 0.
15%.
In terms of external trading, Apanlon copper opened high at 5892.
5 US dollars / ton, after the morning opening as the market digested last night's trade bearish news, the center of gravity of copper prices moved slightly up, high to 5904 US dollars / ton, but soon the 5900 mark did not stand smoothly, and the center of gravity has fallen back to around
5890 US dollars / ton at noon 。 Subsequently, at the end of the Asian market and the beginning of the European market, the market fluctuated greatly, due to the release of a number of European economic data, including French PMI and GDP data is good, copper prices appeared short-term high $5900 mark, $5900 was quickly given up again, the center of gravity once again tested lower around $5876 / ton, low $5874.
5 / ton
.
As of 18:00, London copper closed at $5879/ton, down 0.
12%.
In terms of the market, Shanghai copper continued to fluctuate along the 47200 yuan / ton line
.
On the last day of the end of November, the holder maintained a stable quotation yesterday in the range of 70 yuan / ton ~ 100 yuan / ton of premium, willing buyers can lower the price of a small amount of flat water copper premium 60 yuan / ton, good copper stalemate at premium 80 ~ premium 90 yuan / ton, difficult to have room for price pressure, only wet copper in order to attract market buying, adjusted to flat water ~ premium 20 yuan / ton quotation
.
Although some traders enter the market to lower prices and close low-priced goods, there is little room for price reduction in spots, which inhibits traders' willingness to enter the market, and the downstream continues to maintain rigid demand
.
Entering December next week, the market is abundant, and the strong pattern of premium will continue as the import window continues to close and inventories continue
to hover.
In the afternoon, there was almost no big change in the price, so the spot market did not have a large market, supply and demand were pulling, and it was about to enter the weekend, waiting for the spot market to enter December next week
.
The overall intraday market remained stable around 47,300 yuan / ton, and the bulls and bears were in a stalemate and tug-of-war, mainly because the uncertainty of Sino-US trade in recent days once again disturbed investor confidence, coupled with the slowdown in global trade progress has a greater impact on the EU economy, intensifying market concerns about the euro area economy and limiting copper price gains
.
However, due to the fact that the limit of "early approval" special debt, which has attracted much attention in China, has finally been determined, and a new special debt limit of 1 trillion yuan has been issued in advance, even under the interference of trade uncertainty, Shanghai copper still has a certain degree of
resistance.
