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LME copper rose slightly on Thursday, and as of 15:00 Beijing time, the three-month London copper was at $5,871 / ton, down 0.
07%
on the day.
The main 2001 contract of Shanghai copper opened high and continued to rise, with the highest 47290 yuan / ton and the lowest 47030 yuan / ton during the day, and the closing price of 47200 yuan / ton, up 0.
47% from the closing price of the previous trading day; The trading volume was 76992 lots, an increase of 14252 lots per day; The position was 192,600 lots, a daily decrease of 4,318 lots
.
The basis was expanded to 75 yuan/ton; The price spread of Shanghai copper in 2001-2002 narrowed to -90 yuan / ton
.
Market focus: (1) U.
S.
President Donald Trump said on Wednesday that trade talks with China are "going very well.
"
(2) Aurubis, Europe's largest copper smelter, said on Wednesday that an accident at its copper smelter in Olen, Belgium, disrupted copper production in November, but copper shipments remained normal
.
The Olen plant produces about 340,000 tonnes of copper
per year.
Spot analysis: On December 5, spot 1# electrolytic copper quotation was 47250-47300 yuan / ton, the average price was 47275 yuan / ton, a daily increase of 185 yuan / ton
.
Spot premium continued to rise, but individual merchant brands only stayed at about 80 yuan / ton of premium, downstream receiving performance was just demanding, traders in the rising water step by step is also afraid of heights, receiving enthusiasm has declined
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 61,625 tons on Thursday, down 608 tons per day; On December 4, LME copper stocks were 202,950 tons, a daily decrease of 3,300 tons, and a decline of 9 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2001 contract were 59324 lots, minus 1048 lots per day, short positions were 73535 lots, daily minus 877 lots, net short positions were 14211 lots, daily increase of 171 lots, long and short were reduced, and net space increased
.
Market research and judgment: On December 5, the main force of Shanghai copper opened high in 2001 and continued to rise
.
The uncertainty of the Sino-US trade negotiation situation has increased, the United States has once again affected Sino-US relations through the Xinjiang-related bill, and Trump said that the trade negotiations are progressing smoothly, the market is cautious, and before the emergence of substantive news, copper prices have limited action, but the current copper processing fee TC fell slightly again, China's scrap copper import approvals continued to decline, the supply of raw materials became tighter, superimposed on the Olen copper smelter accident, affecting some production capacity, and the recent copper inventory showed a downward trend, copper price below the support strengthened
。 In terms of spot, spot premiums continued to rise, downstream cargo performance was just demanded, traders were also afraid of heights under the rising of premiums, and their enthusiasm for receiving goods has declined
.
Technically, the main 2001 contract of Shanghai copper reduced its position, paying attention to the pressure above the 47400 position, and it is expected that the short-term shock adjustment
.
