The main force of Shanghai copper continues to rise, and the downstream is afraid of heights and waits and waits cautiously to participate

Market focus: (1) At 3:00 Beijing time on Thursday, the Fed will announce its interest rate decision and statement, followed by 3:30 a.
m.
Fed Chairman Powell will hold a press conference
.
(2) China's electrolytic copper output in November was 798,800 tons, an increase of 2.
02% month-on-month and 7.
07% year-on-year; The cumulative output from January to November was 8.
1392 million tons, a cumulative increase of 2.
09%.

(3) Chile's major copper mines increased copper production in October, at a time when protests and sporadic profiteering riots are sweeping the country
.

Spot analysis: On December 10, the spot 1# electrolytic copper quotation was 48380-48460 yuan / ton, the average price was 48420 yuan / ton, and the daily increase was 265 yuan / ton
.
Copper prices increased positions in two days by more than 100,000 hands to show that the rally has not stopped, downstream fear of heights and wait and see cautious participation, there are many market shipments to exchange cash, copper prices have risen nearly 1,000 yuan, and the premium has only dropped by more than 100 yuan, it is still difficult to attract trade speculators, and it is not suitable for operating the buying and selling period, the quotation still has room for pressure, and it is difficult to protect
the premium according to the speed of reduction.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 63,818 tons on Tuesday, an increase of 3,026 tons per day; On December 9, LME copper stocks were 190825 tons, down 2,975 tons per day, down for 12 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2002 contract were 84460 lots, a daily increase of 14664 lots, short positions were 96144 lots, a daily increase of 14561 lots, net short positions were 11684 lots, a daily decrease of 103 lots, long and short increased, and net space decreased
.

On December 10, Shanghai copper main force 2002 continued to rise
.
The key node of Sino-US trade negotiations is approaching, the two sides have not yet reached an agreement on the terms of the trade agreement, which has increased market caution and limited the upward movement of copper prices, but the United States is facing political risks, which has slightly pressured the US dollar, China's copper imports have rebounded sharply in November, domestic refined copper production has also increased, and copper inventories have shown a downward trend, indicating that domestic terminal demand has improved, and copper prices still have upward momentum
.

In terms of spot, the copper price increased its position by more than 100,000 hands in two days, showing that the rally has not stopped, the downstream is afraid of heights and waits to participate cautiously, there are many market shipments and cash exchangers, copper prices have risen by nearly 1,000 yuan, and the premium has only fallen by more than 100 yuan, which is still difficult to attract trade speculators
.
Technically, the main 2002 contract positions of Shanghai copper continue to increase, of which the mainstream long positions increase even more, and it is expected to continue to rise in the short term
.
In operation, it is recommended that the Shanghai copper 2002 contract can be long around 48550 yuan / ton, and the stop loss is 48400 yuan / ton
.