The upward thrust is weak and the Shanghai copper rebound is blocked

In the market, Shanghai copper continued to oscillate in the range, and the upward thrust of copper prices was weak, under pressure on the 10-day moving average
.
At the beginning of the market, the market quotation premium 100-200 yuan / ton, the market is afraid of high premium, the holder of the initiative to dump goods for cash is strong, good copper continues to lead the decline in quotations, the market repeats the previous day's high premium water fast diarrhea state, good copper fell to a premium of around 150 yuan / ton, flat water copper quotation to 60-70 yuan / ton, the transaction is still weak
.
Approaching the delivery period, there is almost no price difference in the next month, coupled with the end of the annual long order, the market buying is sluggish, the downstream wait-and-see, traders will gradually clear inventory to control risks, and spot quotations within the week will return to the normal delivery period level
.

In terms of news, the Asian dollar index fell slightly, now trading around 97.
412, due to the impact of the weakening of the pound sterling due to the rebound of U.
S.
bond yields, the dollar index rose, and there was a slight decline
during the Asian market.

Domestically, GDP in the third quarter of 2018 was 6.
5% year-on-year, the lowest level
in nearly a decade.
In November, the manufacturing PMI fell back to the boom and bust line, and the new orders index fell by 0.
4 percentage points
.
In the context of high corporate and household debt, the domestic economy is still under pressure, and copper consumption will also be constrained
.

Internationally, the manufacturing PMI of major economies has shown signs of decline, and the IMF expects that the GDP growth rate of the United States, Europe and Japan will decline simultaneously next year, and the lack of global economic growth momentum has become a market consensus
.
Although Chinese and US leaders reached an agreement on economic and trade issues during the G20 summit to suspend new tariffs, Sino-US trade frictions may still exist
in view of various uncertainties.
This is undoubtedly worse for China's economy
, which is in the bottoming period.
Overall, the suppression of copper prices at the macro level is more obvious
.

During the day, the Shanghai copper rebound was blocked, as the market was boosted by the news of Sino-US trade negotiations, and copper prices rebounded; However, the current US dollar index continues to run at a high level, as well as the repeated Sino-US trade relations in the early stage, making the market bullish sentiment more cautious, will also inhibit the rise of copper prices, short-term copper price trends may be volatile
.