The main force of Shanghai copper opened high and fell down, and the upward movement was limited

Market Focus: (1) The leaders of the two sides of the China Economic and Trade High-level Consultation had a phone call, and the two sides agreed to maintain communication
on the remaining matters of the Phase One Agreement consultation.
(2) Fed Chairman Jerome Powell said that if the economy remains on its current track, then the current monetary policy may still be appropriate; Monetary policy is a good way to support the Fed's objectives
.
(3) Chile's copper mines are mostly functioning in the face of chaos, but some miners have recently expressed concerns about the long-term outlook as Chile considers amending its constitution and tax code to quell protests
.

Spot analysis: On November 26, spot 1# electrolytic copper was quoted at 47090-47150 yuan / ton, with an average price of 47120 yuan / ton, down 50 yuan / ton
per day.
The market focus revolves around bills, the holders holding the current month's ticket are still strong in price sentiment, the willingness to raise the price remains unchanged, there is little room for price reduction, the market continues to have demand for tickets, the holders' quotations can only be fine-tuned, and the performance of the next month's tickets is quite divergent, but for this quotation market transaction is difficult to be active, traders for the next month's ticket expect a lower
price.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 59,174 tons on Tuesday, an increase of 45 tons per day; On 25 November, LME copper stocks stood at 216,100 tonnes, down 2,825 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2001 contract were 65408 lots, minus 477 lots, short positions were 80185 lots, daily minus 751 lots, net short positions were 14777 lots, daily minus 274 lots, long and short were reduced, and net space was reduced
.

Market research and judgment: On November 26, the main force of Shanghai copper opened high in 2001 and fell
.
The re-call between high-level trade officials between China and the United States, coupled with the news that China has strengthened intellectual property protection, has a positive effect on trade progress, while the global copper mine supply performance is tight, and the recent downward trend in copper inventories has strengthened copper price support, but China and the United States are still in order to reach a substantive agreement, the emotional benefit is more limited, while the Fed is hawkish, the dollar remains strong, plus the lack of improvement in downstream demand, copper price upward action is limited
。 In terms of spot, the sentiment of holders holding the current month's ticket is still strong, the willingness to raise the price remains unchanged, there is little room for price reduction, there is continued to be demand for the ticket in the market, the holder's quotation can only be fine-tuned, and the expected price of traders for the next month's ticket is lower
.
Technically, the main 2001 contract daily MACD green column contraction of Shanghai copper, pay attention to the pressure above the 47300 position, and expect short-term shock operation
.