November 25 Shanghai copper morning review

Industry information: China's unwrought copper exports in October were 22,909 tons, an increase of 111.
1% year-on-year, and the export growth rate fell for the third consecutive month, and the export of 75,007 tons in July this year was the second highest point in history
.

In terms of market: on November 24, Shanghai electrolytic copper spot traded at a discount of 160-90 yuan / ton for the contract of the month, and the transaction price of flat water copper was 47560-48320 yuan / ton
。 Before the morning market did not soar, a large number of speculators because of the bullish copper price bargain to absorb goods, the transaction was once active, the quotation discount 120-80 yuan / ton, but after the Shanghai copper soared, the market quotation expanded to discount 160 - discount 120 yuan / ton, and then the Shanghai copper opening is the major contracts all up and down, it is difficult for holders to quote, the copper discount fluctuates sharply, and then the limit board opens, the copper discount gradually returns to rationality, reporting a discount of 150 - 100 yuan / ton, the transaction is dominated by middlemen, downstream wait-and-see, waiting for copper prices to stabilize
。

In terms of stocks: As of November 18, the previous Shanghai copper inventory reported 134538 tons, a sharp increase of 21,987 tons per week, a two-week increase, indicating that the short-term domestic inventory pressure has climbed
.

Overnight, the main force of Shanghai copper rushed back down to 48120 yuan / ton, effectively maintaining the rebound pattern, while London copper inventories continued to decline, indicating that foreign demand has improved
.
In terms of operation, it is recommended that the short-term operation ideas of the Shanghai copper 1701 contract are more, which can be backed by 47,000 yuan above the dip, and the entry reference is around 47,500 yuan / ton, and the target is 49,000 yuan / ton
.