December 18 Shanghai copper afternoon review

Yesterday evening, Shanghai copper was weakly sorted out, and the latest closing price of the main month 2002 contract was 49220 yuan / ton, up 270 yuan, or 0.
55%.

Supported by signs of improvement in the U.
S.
manufacturing and homebuilding sectors, the dollar index stopped falling and rebounded, and copper weakened overnight, with the latest closing quotation of $6190 / ton, down $6, or 0.
09%.

According to data from the National Bureau of Statistics, China's refined copper production in November increased by 19.
6% year-on-year to 909,000 tons, a new monthly record, while copper concentrate imports also hit a record high, due to the expansion of smelter capacity; looking ahead, there are good expectations for terminal consumption such as wires and cables, air conditioners, and automobiles, and the current global explicit inventory continues to be low to provide bottom support, and spot copper prices are expected to rise or fall today
.

Sino-US trade negotiations reached the first phase of agreement, the United States promised to gradually eliminate tariffs, British election Johnson won by a high vote, the outlook for Brexit is more optimistic, domestic economic data has improved, and short-term non-ferrous prices may rise under the stimulation of macro positive news
.
However, the global economic situation has not yet shown a fundamental improvement, and non-ferrous metals have shown a situation of loose supply and insufficient demand, and they are still facing downward pressure after a short-term upward trend
.