The main force of Shanghai copper fluctuated at a high level and closed up in late trading

Externally: Today's LME March copper volatility rose
.
It opened at $5,800 in the morning, fell slightly to the lowest point of $5,763 before rebounding, and fluctuated upward, rising to the highest point of $5,870 at midday, and then fell in a V-shaped shape, closing at $5,814 during the domestic trading session
.

On the macro front: OPEC agreed to cut production at Wednesday's meeting to limit output to no more than 32.
5 million barrels per day from January to June 2017
.
The unexpected positive of the agreement spurred higher crude oil prices and also drove the rebound
in commodity prices.
Today, China's official manufacturing PMI for November was higher than expected and prior
.
The better-than-expected recovery of PMI is related
to the fact that production and orders continue to recover, while real estate investment lags behind, and infrastructure investment continues to make efforts.
The main logic of the macro economy is expected to be inflation
in the future.
Inflationary pressures intensified markedly during the month, with input costs and output prices both rising by the most since the beginning of 2011
.
However, due to the tight pressure of funds gradually emerging at the end of the year, it is still necessary to be vigilant against the risk of economic cooling in the
later period.

Market: spot copper mainly traded 46620-46720 yuan / ton in the morning, up 270 yuan from the previous working day, the premium was reported at C110-C10 yuan, up 50 yuan from the previous working day, and the copper spot price index was reported at 46705, up 270
from the previous trading day.
Today's market supply is flat, imported brands are sufficient, due to the overall weak market demand, traders' shipment sentiment is slightly lower, and due to the gradual decline in the premium premium, traders' willingness to receive goods has declined
.
Copper prices rebounded again today after the previous two days' retreat, and downstream manufacturers faced a slowdown in price recovery after purchasing on the dip in the early stage
.
The afternoon premium is slightly lower than the morning discount, with good copper reported at C30-C10 yuan, flat water copper C70-C60 yuan, and wet copper reported around C180-C140 yuan
.
According to the survey results of the Shanghai Nonferrous Metals Trading Center, most traders hold the view of rise, and a small number of traders hold the view
of a decline and pullback.

Technical, daily level, K-line has strong support at the 20-day moving average, and today's bulls can be larger, which is a volume rise
.
Hourly level, BOLL track has a convergence trend, K line return near the BOLL middle band, or will enter the platform shock period, overall, short-term copper price shock sorting, but in the medium and long term, maintain the long idea
.
Expect support below around 45,000
.