The low level of explicit inventory continues to decline, and Shanghai copper shows high volatility

In terms of external trading, Apanlon copper opened lower than 6214 US dollars / ton in the morning, and the center of gravity of copper prices basically maintained around 6215 US dollars / ton after the opening, and there was a short-term surge in the afternoon, and the high level rose to 6235.
5 US dollars / ton and then fell rapidly, and copper prices began to weaken sharply in the afternoon, as the market digested the recent macro trade favor, and the European market has tested 6169.
5 US dollars / ton
before the European market.
Then entered the European market, copper prices slowly repaired the decline
.
As of 18:00, London copper closed at $6187/ton, down 0.
49%.

At present, the US dollar is in a low recovery stage, copper prices in the macro positive sentiment gradually digested stage, the recovery of the US dollar may put pressure
on copper prices.

In terms of the market, Shanghai copper rose again to 49,200 yuan / ton
.
The morning market quotation is still set at the previous day's discount 110 - discount 100 yuan / ton of quotation level, but the transaction is difficult, the market strives to trade, the holder concentrated to open the price adjustment mode, the discount appeared a cliff-like decline, good copper quickly dropped to the discount 130 - discount 120 yuan / ton, due to the lack of downstream actual consumption, flat water copper price dropped sharply to discount 150 ~ discount 140 yuan / ton a large number of dumping, individual traders low price dumping wet copper discount 200 yuan / ton, the market fell to the discount around 180 yuan / ton
。 The afternoon market is near the end of the day, the quotation tends to slow down at the discount of 140 ~ discount of 130 yuan / ton
.
The rise in copper prices has not stopped, short-term or will continue to consolidate at a high level, downstream fear of high buying is rare, superimposed on the market dumpers are numerous, year-end inventory consumption has become a trend
.
In the afternoon, due to the growing sentiment of the market weekend holiday, the market inquiry in the afternoon was light, and the dumping volume of the holders was significantly weakened, so the quotation remained stable and did not continue to decline
.

At present, the macro favorable sentiment of the market has been gradually digested in recent days, investors' optimism has cooled, copper prices have insufficient momentum to rise, and some bulls have reduced their positions and left the market
.
Shanghai copper closed negative during the day, fell below the 5-day moving average support level, KDJ indicator formed a dead cross bearish expansion, technical point of view copper prices higher momentum is blocked
.
Continue to pay attention to the British and American data guidance to test whether Shanghai copper can continue to stabilize the 49,000 yuan / ton mark
.

From a fundamental point of view, domestic social inventories and overseas LME inventories continued to fall, and the low level of global explicit inventories continued to decline, supporting copper prices
.
Domestic smelting capacity is currently stable, but under the low profit cycle, the potential risk of smelter production and operation is high, and the subsequent continuous attention to changes
in operating capacity is high.
Short-term copper prices continue to have limited upward space, prices may show high volatility, futures after taking profit is recommended to wait and see for the time being, option bull market spread strategy can continue to hold
.