Upper pressure is greater Copper price rebound is weak

In terms of the market, Shanghai copper rebounded back to around 50,000 yuan, but within the day under pressure integer mark shock, the next month price difference expanded to 70-80 yuan / ton, morning market holders quoted flat water - premium 30 yuan / ton quotation, good copper once tried to quote higher, but the overall performance of the market is cautious, insufficient buying interest, supply and demand sides are slightly tug-of-war, soon holders in order to seek transactions, good copper quotations reduced to 10-20 yuan / ton around the transaction to improve, flat water copper quotation discount 20-discount 10 yuan / ton
。 Entering the second trading session, some low-end flat water copper quotations still have room for price pressure, good copper maintains a premium of 10 yuan / ton quotation, but the transaction heat is suppressed, copper prices rebounded close to 50,000 yuan, the price difference has widened in the next month, the lifting of the lift to form a suppression, but the lower discount also forms a certain protection, downstream performance stops, wet copper maintenance quotation discount 140-discount 120 yuan / ton
.
Although traders have the willingness to buy and sell the period, the difficulty of price reduction space also restricts the atmosphere of trade speculation, and the supply and demand sides will continue to show a tug-of-war in
the short term.

On the news, the Asian dollar index fluctuated widely, now trading around 96.
429, as the release of the US non-farm payrolls population data for October exceeded expectations, which will support the Fed's interest rate hike again in December, making the dollar index possible
to strengthen further.
In terms of industry, data released by the US Department of Commerce showed that US copper cathode imports were 61,945,139 kg in September, up from 48,052,089 kg
in August.
The Commerce Department also announced that U.
S.
copper cathode exports in September were 42,148,909 kg, up from 18,987,062 kg
in August.
The import and export volume of copper cathode in the United States in September showed a large increase month-on-month, and its net exports rebounded
.

Recently, due to favorable macro-level information, copper prices have rebounded, but LME copper inventories have increased significantly, inhibiting the rebound space of London copper, and Shanghai copper fluctuates
accordingly.
The overall performance of the spot market is cautious, the buying interest is insufficient, and the supply and demand sides are slightly tug-of-war
.
On the technical side, the Shanghai copper closed long on the upper shadow black line, indicating that the short-term upper selling pressure is large, and the futures price rebound is weak
.
Operationally, it is recommended that the CU1901 contract can consider short order intervention around 50200 yuan / ton, and the stop loss refers to 50500 yuan / ton
.