Shanghai copper rally weak Bears still dominate

In terms of the external market, London copper opened at 6810.
5 US dollars / ton, after the opening of London copper is around the daily average of 6821 US dollars / ton around a narrow range, the second trading session of the Asian market, the inner metal plunged sharply, London copper fell sharply, the afternoon dollar rose, London copper fell again, LME copper inventory from reduction to increase, intraday increase of 10125 tons, bears opened the trend of suppression, London copper broke the big leak, as of 18:00, London copper reported 6668 US dollars / ton, down 137.
5 US dollars / ton, down nearly 2%.

。 During the day, London copper fell sharply, the 60-day moving average quickly lost, the bears raised the banner again, and the evening London copper or continued to be weak, pay attention to the subsequent changes
in LME copper stocks.

On the macro front, China's Caixin services PMI in November hit a three-month high
of 51.
9.
China's Caixin services PMI in November was 51.
9, the highest since August and 51.
2
in the previous month.
China's Caixin composite PMI 51.
6 in November vs 51
prior.
The data shows that economic activity has increased slightly, but the growth rate is still weak
compared to the historical average.

In terms of the market, Shanghai copper under pressure to fall, although the morning market quotation is flat in flat water ~ premium 50 yuan / ton, but the holder shows a clear mood of rush to sell, in the case of no results, good copper first fell to about 30 yuan / ton, flat water copper although the surface is still persistent quotation, but can not stand up to the exchange of traders, the flat water copper to the discount of about 10 yuan / ton, the transaction is difficult, wet copper discount around 100 yuan / ton, lack of interest
.
Downstream maintains rigid demand, waiting for the price to pull back
again.
Intraday cargo holders are entangled, cash exchange and willingness to rise up to the water contradiction, lack of market support and cooperation transaction weakness is difficult to lack
.
In the afternoon, the market trading is still quiet, although the market has plunged sharply, but the downstream bears stop and watch, not eager to receive goods, and traders are also waiting for tomorrow's rising water to rise
.

Shanghai copper fell during the day, breaking below the 60-day moving average, and the main force closed at 52560 yuan / ton, down 1.
33%, and the position increased by 2940 lots
.
From a technical point of view, the copper price rebound is weak, the bears still dominate, and the lower support is still around 52,300, which is expected to provide strong support
.
It is recommended that investors wait and see for the time being, and buy goods downstream
.