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LME copper fell sharply on Friday, and as of 15:00 Beijing time, 3-month London copper was reported at $6179 / ton, down 0.
63%
on the day.
The Shanghai copper main 2002 contract fell from a high level, with a maximum of 49,560 yuan / ton, a minimum of 48,940 yuan / ton, and a closing price of 49,030 yuan / ton, down 0.
16% from the previous trading day's closing price; The trading volume was 216,200 lots, an increase of 9,640 lots per day, and the position was 271,100 lots, a daily decrease of 11,646 lots
.
The basis was expanded to 20 yuan/ton; The price difference of Shanghai copper in 2002-2003 was -110 yuan / ton
.
Market focus: (1) China announced new tariff exemptions
for 6 U.
S.
chemical and petroleum products.
(2) At 23:00 Beijing time on Friday, the United States will release personal income and points for November and the PCE index
.
(3) Nevada Copper's Pumpkin Valley Copper Mine has begun production, an underground project expected to produce 65 million pounds of copper equivalent per year, with a current mine life of 13.
5 years
.
Spot analysis: On December 20, spot 1# electrolytic copper was quoted at 49000-49100 yuan / ton, with an average price of 49050 yuan / ton, a daily increase of 220 yuan / ton
.
The rise in copper prices has not stopped, short-term or will continue to consolidate at a high level, downstream fear of high buying is rare, superimposed on the market dumpers are numerous, year-end inventory consumption has become a trend
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 56,861 tons on Friday, a daily decrease of 2,180 tons; On December 19, LME copper stocks were 157,500 tons, down 3,325 tons per day, and fell for 20 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2002 contracts were 87756 lots, minus 3091 lots, short positions were 99368 lots, daily minus 3303 lots, net short positions were 11612 lots, daily minus 212 lots, long and short were reduced, and net space was reduced
.
Market research and judgment: On December 20, the main force of Shanghai copper fell back to the high level in 2002
.
China again exempted some U.
S.
goods from tariffs, U.
S.
Treasury Secretary Mnuchin said that the trade deal will be signed in early January next year, market optimism is heating up, and upstream Chinese copper smelters signed a sharp decline in crude copper RC prices in 2020, which will lead to an increase in raw material costs, coupled with the recent improvement in downstream demand, copper inventories have declined, and copper prices are strongly supported, but the risk of uncoordinated Brexit has also made the dollar continue to be strong, and China's refined copper production has increased significantly, inhibiting the dematerialization of inventories.
Putting pressure
on copper prices.
In terms of spot, copper prices have not stopped, short-term or will continue to consolidate at a high level, downstream fear of high buying is rare, superimposed on the market dumpers are numerous, year-end inventory consumption has become a trend
.
Technically, the mainstream positions of the main 2002 contract of Shanghai copper are more short-filled, focusing on the support of the 48750 position below, and it is expected to recover in the short term
.
