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Internal and external trends: LME copper fluctuated on Friday, as of 15:00 Beijing time, 3-month London copper was reported at $5824 / ton, up 0.
10%
per day.
The main 2001 contract of Shanghai copper opened low and continued to fall, with the highest 47010 yuan / ton and the lowest 46840 yuan / ton within the day, and the closing price of 46870 yuan / ton, down 0.
51% from the closing price of the previous trading day; The trading volume was 113266 lots, with a daily increase of 13450 lots; The position was 219,300 lots, an increase of 9,858 lots
per day.
The basis was maintained at -45 yuan/ton; The price difference between Shanghai copper from 1912 to 2001 widened to -30 yuan / ton
.
Market Focus: (1) It is reported that China has invited senior U.
S.
trade negotiators to conduct a new round of face-to-face negotiations in Beijing, and the two sides are still working to reach an agreement
.
(2) Some Chilean mining companies have been or are being affected by worker outlashes that have shaken up the world's largest copper producers
.
Spot analysis: On November 22, spot 1# electrolytic copper was quoted at 46900-46950 yuan / ton, with an average price of 46825 yuan / ton, down 140 yuan / ton
per day.
After the fall in copper prices, the market inquiry atmosphere revived, after a short wait-and-see, buying positively, downstream bargain hunting consumption has improved, some traders entered the market to lower prices to close low-priced goods, the overall market buying interest has improved significantly compared with the previous two days, weekend trading temporarily broke the deadlock pattern in the week
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 63,004 tons on Friday, a daily decrease of 364 tons; On 21 November, LME copper stocks stood at 222075 tonnes, up 1,125 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 67013 lots, an increase of 2195 lots per day, 80132 short positions, a daily increase of 3483 lots, a net short position of 13119 lots, a daily increase of 1288 lots, both long and short increases, and net space increased
.
Sino-US trade negotiations have entered a critical stage, on the one hand, Trump is trying to put pressure on China, on the other hand, there is still news that the two sides are still trying to reach an agreement, the market wait-and-see sentiment is strong, coupled with the continued strong operation of the US dollar, so that copper prices have retraced, but the current upstream Chilean copper mine by workers' protests affected production, and China's signed TC prices fell to a low level, raw material supply performance is tight, while the recent global copper explicit inventory showed a downward trend, forming a certain support
for copper prices 。 In terms of spot, after the fall in copper prices, the market inquiry atmosphere revived, after a short wait-and-see, buying positively, downstream bargain hunting consumption has improved, some traders entered the market to lower prices to close low prices, the overall market buying interest has improved
significantly compared with the previous two days.
Technically, the main 2001 contract daily MACD green column increment, mainstream bulls reduced their positions, and it is expected to continue to decline
slightly in the short term.
