The sustainability of the copper price rebound remains to be seen, and in the short term, pay attention to chasing risks

In terms of the external market, London copper opened at 5766.
5 US dollars / ton, at the beginning of the Asian market, London copper extended the daily average to decline, recorded a low of 5726 US dollars / ton, the low attracted bulls to continue to flow in, copper prices straight up, in one fell swoop broke through the 5, 10-day moving average adhered above, touched to 5872.
5 US dollars / ton, although the afternoon gave up some gains, and then the lower daily moving average support performed well, the European session London copper rose again to 5880 US dollars / ton after the pullback, as of 17 :45, London copper reported 5863.
5 US dollars / ton.

Intra-day copper rose strongly, the trend was firm, and the consumption of momentum was large, but the upward willingness was obvious, and the disk was gaining momentum, waiting for the opportunity to further rise
.
It is expected that the short-term London copper range finishing trend will remain unchanged, waiting for the opportunity to break through
.

On the macro front, the US non-farm payrolls for November were 178,000 on Friday, slightly less than the expected 180,000, which was the last non-farm payrolls report before the Fed's December 13-14 interest rate meeting, but it did not affect the dollar too much, which returned to the decline
after a brief rally.
In addition, exit polls in the Italian referendum showed that in the referendum on constitutional amendment, the "no" vote was significantly ahead, and the euro was depressed and pulled the dollar
higher.

In terms of the market, Shanghai copper rebounded sharply, and copper quotations were generally stable compared with last Friday, good copper reported a discount of 30 yuan / ton - flat water, flat water copper reported a discount of 80 - a discount of 40 yuan / ton, but wet copper due to the dumping of large households and the quotation discount expanded, reporting a discount of 200 - a discount of 160 yuan / ton
.
On Monday, the market opened low and went high, speculators and downstream were on the sidelines at the beginning of the session, around 10 o'clock, after the market rose by about 500 yuan / ton, speculators began to look for goods at low prices, and thus promoted the narrowing of the discount
.
Due to the small proportion of good copper in imported copper, the holders of good copper are firm in their quotations, resulting in the highest quotations of good copper rising to Pingshui, while Guixi copper is rarely quoted
.
The downstream has been stocked before, so there is no chasing impulse to the high start of the market, and the intraday transaction shows the characteristics of Monday, and the activity is mainly circulating
among traders.
In the afternoon session, Shanghai copper consolidated at a high level, and the holders had no intention of expanding the discount to the future, the premium was the same as in the morning session, and the transaction price rose to 47,000 yuan / ton - 47,150 yuan / ton, there were many quotations, few inquirers, and the trading activity of traders was also reduced
.

Overall, the fundamentals of the copper market have indeed become stronger than before, but they do not support copper prices to get out of the bull market, so the sustainability of the copper price rebound remains to be seen, pay attention to chasing risks
.