Brief review of the copper market on December 5

On Wednesday, the main Shanghai copper contract 2001 opened at 46980 yuan / ton in the morning, and then ran above the daily moving average, and the center of gravity fluctuated in a narrow range in the range of 46980-47020 yuan / ton until the end
of midday.
In the afternoon, the center of gravity fell back to near the daily moving average, and remained stable at 46980 yuan / ton, and closed at 46980 yuan / ton at the end of the session, down 120 yuan / ton, or 0.
25%.

The average price of electrolytic copper in Shanghai in Nanchu: 47090 yuan, down 60, the price of the month's premium: 150 to 160, up 40
.
Copper prices once again fell below 47,000 yuan / ton as a whole, which was favorable for downstream buying, and the willingness of holders to hold prices continued to rise, and the flat water copper premium gradually rose from +130 yuan / ton at the opening to +150 to +160 yuan / ton
before the end of the first quarter of trading.
The demand for good copper is not good, and some traders ship good copper at the price of flat water copper in order to find shipments, and compress the price difference
between flat water copper and good copper.
When the supply in the hands of the holders is exhausted, the market quotation atmosphere has weakened
.
The fall in copper prices is conducive to buying, coupled with the recent tight supply of circulating goods, the better market transaction during the day continues to push up the premium
.
Copper premium to the current month premium of 150-160 yuan, up 30; flat water copper premium 140-160 yuan, up 45; Wet copper premium 60-70 yuan, up 20
.

The average price of electrolytic copper in Foshan in Nanchu: 46960 yuan, down 80, the price of the month's rise: 10 to 50, up 15
.
Recently, the Shanghai market trading is very hot, but also led to the Guangdong market, holders continued the momentum of the previous day's price, the premium is increasing day by day, the morning flat water copper quotation premium 10, the second quarter of the trading time of the quotation of the holder is very few, most of the closed sales, are optimistic about the future market
.
Downstream users also increased their purchases after the fall in copper prices
.
Overall, the market is booming in buying and
selling.
This day's premium copper to the current month's premium of 50-60 yuan, up 20; Flat water copper rose 10 yuan, up 25
.

Shanghai copper continued to remain low during the day, mainly because Trump changed his face again to trigger a global trade panic, market risk aversion heated up again, intraday CMX gold continued to rise to 1487 US dollars / ounce, a new high in nearly two weeks, while the current market focused on the OPEC+ meeting, the market's concerns about the demand side are still the main factors hindering oil prices to rise, Shanghai copper is affected by multiple factors difficult to stand high
.
At present, Shanghai copper closed doji, has fallen below all moving average support, KDJ still shows bearish expansion, technical view of Shanghai copper higher slightly tired.

Pay attention to many important economic data in the United States to test whether Shanghai copper can continue to stand at 46900 yuan / ton
.