The main force of Shanghai copper opened high and continued to rise, and the supply and demand sides saw a slight tug-of-war

Market focus: (1) US new home sales fell 0.
7% annualized monthly rate last month, less than the previous expected increase of 0.
8%; The Conference Board's Consumer Confidence Index fell to 125.
5 this month vs 125.
9 prior, and 126.
8
expected.
(2) In October, copper exports were 43,337 tons, a year-on-year increase of 14.
5%; From January to October, the cumulative export was 431694 tons, a year-on-year increase of 1.
8%.

In October, 41,908 tons of copper were imported, down 4.
9% year-on-year; From January to October, the cumulative import volume was 397,870 tons, down 14.
6%
year-on-year.
(3) Glencore's Mutada mine in the Democratic Republic of the Congo has suspended operations due to difficulties in obtaining sulfuric acid
, a key raw material.

Spot analysis: On November 27, spot 1# electrolytic copper was quoted at 47300-47360 yuan / ton, with an average price of 47330 yuan / ton, a daily increase of 210 yuan / ton
.
Near the end of the month, the market transaction is based on different bases, the demand for monthly tickets in the next month of the month is different, and the market inquiry atmosphere is acceptable, but the buying interest is insufficient, and the supply and demand sides are slightly tug-of-war
.
As some traders take the initiative to level copper premium shipments, leading the spot quotation to be slightly lowered, with the current spot level, most traders are difficult to have space, trade speculation willingness is suppressed, approaching December, spot copper stocks are still declining, the year-end accumulation pattern has not yet seen, spot premium is difficult to have room to decline
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 58,243 tons on Wednesday, a daily decrease of 931 tons; On November 26, LME copper stocks stood at 214,200 tonnes, down 1,900 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2001 contract were 67980 lots, a daily increase of 2572 lots, short positions were 83202 lots, a daily increase of 3017 lots, a net short position of 15222 lots, a daily increase of 445 lots, both long and short increases, and net space increased
.

Market research and judgment: On November 27, the main force of Shanghai copper opened high in 2001 and continued to rise
.
Sino-US trade executives spoke again, the possibility of an agreement between the two sides increased, market optimism rose, while recent US economic data was not as expected, the US dollar was slightly under pressure, and the recent global copper overt inventory showed a downward trend, the support for copper prices strengthened, but uncertainty still exists before the Sino-US trade agreement, coupled with the lack of significant improvement in downstream demand, copper prices can
limit their upward movement 。 In terms of spot, near the end of the month, the market transaction is based on different bases, the demand for monthly tickets in the next month of the month is all existing, the market inquiry atmosphere is acceptable, but the buying interest is insufficient, the supply and demand sides are slightly tug-of-war, with the current spot level, most traders are difficult to have space, trade speculation willingness is suppressed
.
Technically, the trading volume of the main 2001 contract of Shanghai copper has increased significantly, and the mainstream bulls have increased their positions significantly, and it is expected that the short-term volatility will be strong
.