The market is fierce in the long-short game, and it is difficult for copper prices to rise sharply in the short term

In terms of external disk, London copper opened at 5507 US dollars / ton, long disk continued to flow out, London copper extended the daily moving average downward, in the afternoon London copper straight down, the center of gravity moved down to the low consolidation near 5455 US dollars / ton, the European session continued the trend of consolidation, the low recorded 5445.
5 US dollars / ton
.
The LME announced that copper inventories decreased by 3825 lots, copper prices stabilized and then rebounded from the low, and fell again after testing the daily moving average, as of 17:55, London copper reported 5459 US dollars / ton
.
Intraday copper reduced positions downward, approaching Christmas, bulls' retracement sentiment dominated, expected to be weak and volatile in the future, the lower side is approaching the lower Bollinger Road band around
$5400 / ton.

On the macro front, the dollar fell, and crude oil fell
.
The total number of existing home sales in the United States in November reached an annualized 5.
61 million units, the highest since February 2007, and 5.
5 million units were expected, and the market expected that the Trump administration will relax regulations, which filled the consumer and business sectors with optimism, coupled with continued employment growth, provided steady support
for existing home sales in the off-season.
Pay attention to the final annualized quarterly rate of US real GDP for the third quarter
.
The message is neutral
.

In terms of news, Zambia's finance ministry said that Zambia will cancel the copper concentrate import tariff plan, which the analysis believes will help neighboring Congo to sell copper concentrate to Zambia
.
Zambia had expected copper production to reach 800,000 tonnes next year, a significant increase from the actual production in 2015 and the expected production in 2016, and the abolition of copper concentrate import tariffs in Zambia could further contribute
to the increase in copper production.

In terms of the market, Shanghai copper is weak to sort out, the overall supply is relatively abundant, speculators absorb low-priced sources, downstream favors the source of current month's bills, bill factors began to significantly affect market quotations, some traders for the end of the year before the last supplementary tickets, so that the current month's ticket supply is tight, and the next month's ticket source price difference widened to 30-40 yuan / ton
.
At the end of the afternoon, the Shanghai copper fell straight down, the basis narrowed in the next month, but it is difficult to narrow the copper discount, of which wet copper is still lacking, and there is a price difference with flat water copper, and the overall transaction is dominated by middlemen to make up tickets, and the transaction is deadlocked
.
In the afternoon session, the market fell, low-end good copper and flat water copper quotations decreased, so the discount has narrowed, flat water copper reported discount 190 yuan / ton - discount 150 yuan / ton, premium copper report discount 120 yuan / ton - discount 80 yuan / ton, although the transaction price fell to 44210 yuan / ton - 44420 yuan / ton, but the market transaction is not active
.

On the whole, near the end of the year, there is a demand for funds to withdraw and spot dealers continue to discount in the expectation of increasing before the year, and copper prices are difficult to rise
sharply in the short term.
Supply and demand fundamentals have not changed much, with domestic refined copper imports increasing slightly month-on-month in November, but down 22%
year-on-year.
In terms of spot, the basis narrowed in the next month, but it was difficult to narrow the current copper discount, of which wet copper was still lacking, there was a price difference with flat water copper, and the overall transaction was dominated by Chinese supplementary tickets, and the transaction was deadlocked
.