Shanghai copper maintained low operation, short-term material volatility is weak

In terms of external trading, during the Asian session, London copper was sorted out at a high level, and the latest quotation at 15:00 Beijing time was 6,002 US dollars / ton, up 46 US dollars, or 0.
77%.

The market awaits the Fed's interest rate decision to see if it will raise interest rates for the fourth time this year, which tends to depress commodity prices, and failure to raise rates could trigger a year-end rally in base metal prices
.

In terms of the market, the domestic spot copper price fell, the Yangtze River spot 1# copper price was reported at 48330 yuan / ton, down 740 yuan, premium 70 - 110 liter; Shanghai spot 1# copper price was 48280 yuan / ton, down 750 yuan / ton
.
In the spot market, the supply of goods is still abundant, and the transaction situation has picked up
slightly.

Zambia has threatened to cancel the work permits of some foreign workers as the companies announced they were ready to lay off workers in an attempt to counter the government's response to the proposed tax changes
.
Earlier, Paul Chanda, permanent secretary of the Ministry of Mining and Mineral Development, said that favorable international copper prices and new copper mines would increase Zambia's copper production to nearly 900,000
tons this year.
If the current environment remains unchanged, Zambia can achieve its target
of 1 million tonnes of copper per year by 2020.

World Metal Statistics Office: The global copper market had an oversupply of 81,000 tons from January to October, and a global oversupply of 117,200 tons in 2017
.
Copper inventories were reported to decline in October, down 107,000 tonnes
from the end of December 2017.
Global mine copper production from January to October was 17.
11 million mt, up 0.
6%
from the same period in 2017.
National Bureau of Statistics: China's refined copper output rose 7.
6% year-on-year to 768,000 mt
in November.

This week, the Fed will hold its last monetary policy meeting in 2018, and the latest data from the interest rate futures market shows that the probability of the Fed raising interest rates this time is only 64.
1%, and the probability of keeping interest rates unchanged rises to 35.
9%, increasing uncertainty about the Fed's monetary policy outlook
.
Long-term production pressure and economic growth slowdown expectations put pressure on Shanghai copper, short-term expected shock is weak, focus on the support level of 47800 yuan / ton, pressure level 49500 yuan / ton
.