November 10 Shanghai copper morning review

Market: On November 9, Shanghai electrolytic copper spot contracts reported flat water - premium 50 yuan / ton, flat water copper trading price of 41250-41770 yuan / ton
.
Morning futures appeared positive basis state, speculators profit shipments, now copper premium further narrowed to flat water, some speculators continue to enter the market to receive goods, trading once active, later copper basis reappear inverted, holders quotation difficulties, market premium copper supply shrinking, flat water copper quotation slightly up, downstream still not seen into the market, as copper prices rise step by step, market risks gradually intensify
.

Inventory: As of November 4, the previous Shanghai copper inventory was reported at 97,839 tons, a weekly decrease of 4,709 tons, far lower than the average inventory value of 229,000 tons during the year, indicating that the pressure on domestic stocks is much weaker than that of foreign countries
.

Shanghai copper jumped high overnight, closing up to 43,320 yuan / ton, as the market expects Trump to increase U.
S.
infrastructure construction in the future, thereby improving U.
S.
copper market demand, but after the short-term copper price rose too quickly and too sharply, it is necessary to be wary of high profit-taking pressure
.
In terms of operation, it is recommended that the Shanghai copper 1701 contract can reduce its holdings above 43,500 yuan, and pay attention to the re-establishment of long opportunities to pull back to around 42,000 yuan, and it is not advisable to sell short
for the time being.