Shanghai copper has heavier selling pressure and is slightly more resistant to falling than other base metals

In the external market, Asian Lun copper continued to fall under pressure, of which the 3-month London copper traded at 6940-6836 US dollars / ton, now trading at 6867 US dollars / ton, down 0.
89% daily, for the second consecutive day of decline in eight trading days, still regarded as a short-term technical correction, the lower support focus on 6780 US dollars / ton
.
In terms of positions, on November 24, the position of London copper was 317,000 lots, an increase of 967 per day, and a cumulative increase of 7,093 lots last week, the first increase in six weeks, and as copper prices fell into high oscillations, the long-short divergence increased
.

In terms of the market, on November 28, Shanghai electrolytic copper spot traded at a discount of 150 yuan / ton - 80 yuan / ton for the monthly contract, and the trading price of flat water copper was 53220-53600 yuan / ton
.
The morning market quotation is still stable at the discount of 130-80 yuan / ton, the market is still wait-and-see, but the holders are eager to exchange cash, and then there are a large number of large traders dumping goods at low prices, concentrated on wet copper and low-end flat water copper, the market is dragged down by the passive downward adjustment of quotations, the plate has also leaked all the way, and the bargain trading has improved
significantly.
Some holders are unwilling to reduce the price of shipments based on their own costs, and the transaction is subject
to restrictions.
The price has retraced, the willingness to receive goods downstream has increased, the purchase volume has increased, and the transaction of cargo holders has been differentiated
.

On the macro front, the Asian dollar index rebounded weakly, fell into low oscillations, and is now trading around
92.
94.
The annualized total of new home sales in the United States after the October quarterly adjustment was 685,000, better than the expected 625,000, and the revised 645,000 in September was 667,000
.
Watch today for the preliminary US wholesale inventories for October, the morning Fed officials' speeches, and the evening hearings
on the nomination of Fed Chairman Jerome Powell.
Copper industry information: It is reported that this week's Asian copper conference is about to be held (November 28-December 1), and the market expects that the copper concentrate processing fee will be finalized in the future
.

During the day, the Shanghai copper 1801 contract continued to fall to 53410 yuan / ton under pressure, indicating that the upper selling pressure was heavier, because China's refined copper imports fell month-on-month in October, indicating that domestic import demand declined, while the entire non-ferrous metal market sold heavier, especially Shanghai nickel fell under pressure, dragging copper prices down
.
In operation, it is recommended that Shanghai copper can be sold high and low in the range of 53100-54000 yuan, and the stop loss is 500 yuan / ton
each.