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LME copper rebounded on Monday, and as of 15:00 Beijing time, the three-month London copper was at $5,857 / ton, up 0.
27%
on a daily basis.
The main 2001 contract of Shanghai copper rose in shock, with the highest 47030 yuan / ton and the lowest 46750 yuan / ton within the day, and the closing price was 46980 yuan / ton, up 0.
11% from the closing price of the previous trading day; The trading volume was 91148 lots, and the daily decrease was 31498 lots; The position was 210,700 lots, an increase of 3,374 lots
per day.
The basis was expanded to 45 yuan/ton; The price difference between Shanghai copper from 1912 to 2001 narrowed to -50 yuan / ton
.
Market focus: On the 16th, China and the United States held constructive discussions on their respective core concerns on the first phase of laundry, and will continue to maintain close exchanges
.
British Prime Minister Boris Johnson said all Conservative candidates in the December 12 general election pledged to support his Brexit deal
.
China's total copper output in October was 1.
7191 million tons, an increase of 18.
0% year-on-year; The total output from January to October was 15.
8613 million tons, an increase of 9.
8%
year-on-year.
Spot analysis: On November 18, spot 1# electrolytic copper was quoted at 46950-47100 yuan / ton, with an average price of 47025 yuan / ton, a daily increase of 90 yuan / ton
.
In the case of SHFE inventory weekly report falling by more than 13,000 tons, inventory continues to be low, holders continue to push up the mood of last week, attracting traders to enter the market to receive goods, the spot premium is further pushed higher under the enthusiasm of transactions, the downstream of the day to maintain just need to buy, traders continue to be accompanied by the willingness to receive goods, the market low-price source of goods transaction is active
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts on Monday was 65,217 tons, a daily decrease of 3,141 tons; On 15 November, LME copper stocks stood at 224775 tonnes, up 3,050 tonnes
per day.
In the week ended November 15, the stock of copper cathode on the Shanghai Futures Exchange was 135513 tons, a weekly decrease of 13,174 tons
.
Main positions: the top 20 long positions of Shanghai copper main 2001 contract were 65032 lots, an increase of 794 lots per day, 76843 short positions, a daily increase of 1589 lots, a net short position of 11811 lots, a daily increase of 795 lots, both long and short, and net space increased
.
On November 18, the main force of Shanghai copper in 2001 fluctuated and rose
.
The possibility of Britain reaching an agreement to leave the EU has further increased, the pound sterling, the euro rose to pressure the dollar, while Sino-US trade executives spoke again, market optimism warmed up, coupled with the recent decline in cathode copper inventories, downstream copper production increased year-on-year, copper support strengthened, while the Sino-US trade situation is still more uncertain, and the performance of the terminal industry also lacks significant improvement, limiting copper price upward momentum
。 In terms of spot, in the case of SHFE inventory weekly report falling by more than 13,000 tons, inventory continued to be low, holders continued the sentiment of pushing up last week, attracting traders to enter the market to receive goods, and the downstream maintained just buying during the day, and the market traded at low prices
.
Technically, the trading volume of the main 2001 contract of Shanghai copper is reduced, focusing on the support of the 46700 position, and it is expected that the short-term shock will be strong
.
