The main contract of Shanghai copper opened high and oscillated, and the support below strengthened

Market focus: (1) The U.
S.
House of Representatives will begin drafting articles to impeach U.
S
.
President Trump.
(2) At 21:30 Beijing time, the US non-farm payrolls report will be released, and the previous small non-farm ADP data was not as expected
.
(3) Peru's Ministry of Energy, Energy and Mines said copper production fell 1% year-on-year to 204139 tons
in October.

Spot analysis: On December 6, the spot 1# electrolytic copper quotation was 47350-47400 yuan / ton, the average price was 47375 yuan / ton, up 100 yuan / ton
per day.
Morning market holders tentatively quoted at 170-180 yuan / ton of premium, but in exchange for the rush to gush out of the source and the willingness to exchange cash, the market has no willingness to receive trade, so the market opened a downward mode, lack of trading, copper futures remained strong, downstream buying was suppressed
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 61,495 tons on Friday, down 130 tons per day, down for 4 consecutive days; On December 5, LME copper stocks were 198425 tons, down 4,525 tons per day, down for 10 consecutive days
.
As of the week of December 6, the stock of copper cathode on the Shanghai Futures Exchange was 112667 tons, a weekly decrease of 7,525 tons, a five-week
decline.

Main positions: the top 20 long positions of Shanghai copper main 2001 contract were 58207 lots, minus 1117 lots per day, 72107 short positions, minus 1428 lots per day, net short positions were 13900 lots, daily minus 311 lots, long and short were reduced, and net space was reduced
.

Market research and judgment: On December 6, the main force of Shanghai copper 2001 opened high.

The uncertainty of the Sino-US trade situation has increased, it is still difficult to confirm whether the two sides can reach a trade agreement, and it will take longer to reach an agreement, the market's cautious sentiment is rising, coupled with the weak performance of downstream demand, copper prices can be limited, but the United States is facing political risks that put pressure on the US dollar, while the current copper processing fee TC fell slightly again, China's scrap copper import approvals continued to decline, the supply of raw materials became tighter, and the recent copper inventory showed a downward trend, and the support below copper prices strengthened
。 In terms of spot, the morning market holders tentatively quoted, but in exchange for the rush to gush out of the supply and the willingness to exchange cash, the market has no willingness to receive trade, so the market has opened a downward mode, lack of trading
.
Technically, the main 2001 contract daily MACD red column increment, mainstream bulls reduced their positions greatly, and short-term high volatility is expected
.