The main force of Shanghai copper opened high and went low, and the market transaction was flat

Market focus: (1) The new crown mRNA vaccine jointly developed by Pfizer of the United States and BioNTech of Germany has been shown to prevent 90% of infections
in clinical phase III trials.
(2) China's CPI rose 0.
5% year-on-year and 0.
3% month-on-month in October 2020
.
(3) According to the Central Bank of Chile, copper exports surged 24% year-on-year to $3.
211 billion in October, driven by a rebound in international copper prices
.

Spot analysis: On November 10, spot 1# electrolytic copper was quoted at 52160-52250 yuan / ton, with an average price of 52205 yuan / ton, down 45 yuan / ton
per day.
The willingness of the holder to raise the price continues, the receiver receives the goods at a low price, and the downstream is afraid of heights and just needs to purchase, and the transaction is flat
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 53,318 tons on Tuesday, a daily decrease of 449 tons, down for 10 consecutive days; On 9 November, LME copper stocks were 171125 tonnes, down 1,325 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2012 contracts were 73637 lots, minus 3315 lots per day, short positions were 65914 lots, daily minus 1731 lots, net long positions were 7723 lots, daily minus 1584 lots, long and short were reduced, and net long decreased
.

Market research and judgment: Shanghai copper 2012 opened high and low on November 10
.
Pfizer and BioNTech in the United States announced that the new crown vaccine is more than 90% effective, better than market expectations, but the global epidemic situation continues to deteriorate, and there are doubts
about whether the vaccine can be widely popularized.
The supply of upstream copper mines remained tight, copper ore processing fees TC were further reduced, and smelter production costs continued to be high; The domestic import window continued to close, the inflow of overseas copper into the bonded zone increased, and the inventory of Shanghai and Lun showed a decline, which supported copper prices
.
However, the domestic smelter has basically completed the preparation of materials, and the impulse willingness at the end of the year is high, and it is expected that refined copper production will continue to rise, limiting the upward momentum
of copper prices.
Technically, the Shanghai copper 2012 contract position reduction fell from a high level, and the mainstream long position reduction was large, and it is expected to run weakly in the short term
.