Shanghai copper fell into a high narrow range of fluctuations, short-term chasing long need to be cautious

In the external market, Asian market London copper fell into high oscillation, of which 3 months London copper around 7250 US dollars / ton around the narrow range, intraday trading at 7291-7237 US dollars / ton, recent London copper rose for 15 consecutive trading days, the cumulative increase of about 12%, short-term focus on technical pullback demand
.
In terms of positions, on December 27, the position of London copper was 330,000 lots, an increase of 1,291 lots per day, and after 15 consecutive trading days of short-term copper prices, positions increased, and the divergence between long and short increased
.

On the macro front, the Asian dollar index extended its decline and now fell to around 92.
5, hitting a new low in nearly three months, indicating heavier
selling pressure from above.
At present, the main focus is on U.
S.
EIA crude oil inventory data, Germany's preliminary December CPI annual rate
.
Copper market industry information: Chile's copper production is expected to increase by 13.
9% to 6.
32 million tons
by 2028, according to Chile's National Copper Commission.

In terms of the market, on December 29, Shanghai electrolytic copper spot traded at a discount of 230 yuan / ton - 160 yuan / ton for the monthly contract, and the transaction price of flat water copper was 55200-55280 yuan / ton
。 On the last trading day of 2017, Shanghai copper went higher, there were fewer and fewer quotations, the level of quotation has been firm, the morning market quotation flat water copper discount about 240 yuan / ton attracted a wave of short receipt, enterprises with financial strength to lower the price of good copper discount more than 200 yuan / ton, when the market quotation stabilized at the discount of 220-180 yuan / ton immediately sold for cash, near the end of the afternoon market, most of the market has closed, the quotation of the holder has been raised to a discount of 200-160 yuan / ton, good copper is relatively favored, This provides direction
for next week's spot quote levels after the New Year.

During the day, the Shanghai copper oscillation stabilized to 55470 yuan / ton, basically closing at the high point
of the year.
Today is the last trading day of 2017, and many markets around the world will be closed next Monday
.
After the short-term copper price continued to rise, there was no decent pullback, short-term chasing needs to be cautious, pay attention to the resistance above London copper of $7300 / ton, and recommend high range oscillation operation
.