The main force of Shanghai copper opened high and continued to rise, and the upper pressure was greater

Market focus: (1) U.
S.
President Donald Trump said on Friday that he could be "very close" to a trade deal
with China.
(2) The preliminary Markit manufacturing PMI in November was 52.
2, 51.
5 expected, and 51.
3 in the previous month; the preliminary PMI of the service industry was 51.
5, 51 expected, and 50.
6 in the previous month, both higher than expected
.
(3) The Ministry of Finance issued the "2020 Energy Conservation and Emission Reduction Subsidy Fund Budget to Local Allocation Results" in advance, and the subsidy fund was issued this time 3136078 10,000 yuan
.

Spot analysis: On November 25, SMM spot 1# electrolytic copper quotation was 47140-47200 yuan / ton, the average price was 47170 yuan / ton, a daily increase of 245 yuan / ton
.
On the delivery day of this month's long order, the willingness of holders to hold prices was once again strong, but the market once showed a wait-and-see, cautious receipt, and downstream maintenance of rigid demand
.
The intraday performance period is now rising, and the market premium in the morning is hindered by the transaction conditions, but the willingness of the holders to raise the price is strong, even if the transaction performance is cautious, few people reduce the price of shipments, and most of the market transactions are for the purpose of making up tickets
.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts on Monday was 59,129 tons, a daily decrease of 3,875 tons; On 22 November, LME copper stocks were 218925 tonnes, down 3,150 tonnes
per day.
In the week ended November 22, copper cathode stocks on the Shanghai Futures Exchange were 135037 tons, down 476 tons
.

Main positions: the top 20 long positions of Shanghai copper main 2001 contract were 65885 lots, minus 1128 lots per day, short positions were 80936 lots, daily increase of 804 lots, net short positions were 15051 lots, daily increase of 1932 lots, more short positions, net space increased
.

Market research and judgment: On November 25, the main force of Shanghai copper opened high in 2001 and continued to rise
.
The news of Sino-US trade negotiations is uncertain, Trump's attitude on trade negotiations on Friday turned good, so that risk sentiment warmed up, coupled with China's signing of TC prices fell to a low level, and China's scrap copper imports declined, raw material supply performance was tight, and the recent global copper explicit inventory showed a downward trend, which boosted copper prices, but affected by the Sino-US trade agreement is still not determined, and the US economic data is strong, the dollar will remain strong, coupled with the lack of significant improvement in downstream demand, copper prices above the pressure is greater
。 In terms of spot, on the delivery day of this month's long order, the willingness of holders to hold prices was once again strong, but the market once showed a wait-and-see, cautious receipt, and downstream maintenance of rigid demand
.
Technically, the mainstream long position of the main 2001 contract of Shanghai copper increased its position significantly, focusing on the pressure above the 47300 position, and it is expected to run in a short-term shock
.