Shanghai copper continued its rally during the day The upward trend remained good

Externally: Asian Lun copper traded lightly, of which 3-month London copper fluctuated in a narrow range around 5080 US dollars / ton, and the upper rebound resistance focused on 5200 US dollars / ton
.
In terms of positions, on November 4, the position of London copper was 339,000 lots, an increase of 3,076 hands per day, and the increase in the position of London copper in the past two weeks showed that the rise in copper prices had funds to advance, and the difference between long and short increased
.

Macro: The Asian dollar index fluctuated in a narrow range, now trading around 97.
68, and the market is focused on the results of the US presidential election this week, which is expected to be released
at noon on Wednesday.
At the same time, China's October imports and exports were both less than expected, exports fell 3.
2% year-on-year, -0.
8% expected, imports increased 3.
2% year-on-year, and expected 5%.

In terms of industry, China's imports of unwrought copper and copper products in October were 290,000 tons, down 14.
7% month-on-month, down 7 consecutive months, down 31.
51% year-on-year, monthly imports hit a new low since February last year, and the cumulative import of unwrought copper and copper products from January to October was 4.
07 million tons, an increase of 6.
14% year-on-year, and the growth rate further slowed down
.

In terms of market: on November 8, the spot price of marine electrolytic copper was reported at 30 yuan / ton - 80 yuan / ton for the monthly contract, and the trading price of flat water copper was 40340-40640 yuan / ton
。 Morning market copper quotations were once disordered, with speculators entering the market in large numbers to absorb low-priced sources, buying cash selling period, the source of cash copper has decreased, especially premium copper is favored, and then some holders due to long order delivery demand into the market to receive, flat water copper sources decreased, the premium earlier has risen, near noon, Shanghai copper further rapid rise, the basis between contracts widened, making it difficult for holders to quote, transaction is also blocked, downstream in more than 40,000 yuan wait-and-see sentiment is still there, market transactions are dominated
by middlemen.

The Shanghai copper 1701 contract oscillated slightly to 40,450 yuan / ton during the day, as coking coal and coke fell sharply during the session, weighing on market sentiment
.
However, at present, Shanghai copper is still effectively running above the moving average group, and the upward trend of copper prices is still maintaining well, and Lun copper increased its position, indicating that funds are actively following up
.
In terms of operation, it is recommended that the Shanghai copper 1701 contract can be backed above 39,600 yuan, and the entry is concerned about around 40,000 yuan, with a target of 41,000 yuan / ton
.