Upward momentum can enhance the main force of Shanghai copper rose sharply

Market focus: (1) U.
S.
nonfarm payrolls surged by 266,000 in November, much higher than the expected 186,000, with part of the contribution coming from GM workers returning to work
.
(2) In November, China's imports of copper ore and its concentrate were 2.
157 million tons, an increase of 12.
7% month-on-month, and the cumulative imports from January to November were 20.
106 million tons, an increase of 10.
2%
year-on-year.
(3) In November, China's imports of unwrought copper and copper products were 483,000 tons, an increase of 12.
06% month-on-month, and imports from January to November were 4.
454 million tons, a year-on-year decrease of 8.
5%.

Spot analysis: On December 9, spot 1# electrolytic copper was quoted at 48090-48220 yuan / ton, with an average price of 48155 yuan / ton, a daily increase of 780 yuan / ton
.
Intraday copper prices are high and consumption is weak, traders are cautious to enter the market, short-term copper in the long position increase to remain strong volatility, but spot in the week or will tend to the delivery level and gradually decline, in the inventory continues to decline if the spot premium below 100 yuan may attract trade speculation to re-enter the market
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 60,792 tons on Monday, a daily decrease of 703 tons, a 5-day decline; On December 6, LME copper stocks were 193,800 tons, a daily decrease of 4,625 tons, a continuous decline of 11 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 2002 contract were 69,796 lots, a daily increase of 15,667 lots, short positions of 19,858 lots, a daily increase of 19,858 lots, a net short position of 11,787 lots, a daily increase of 4,191 lots, long and short increases, and net space increases
.

Market research and judgment: On December 9, the main force of Shanghai copper rose sharply in 2002
.
The Tariff Commission of the State Council carried out the exclusion of some goods purchased from the United States, and took no US 301 measures to counter tariffs for the excluded goods, after China and the United States agreed to cancel the tariffs in phases as the agreement progressed, the Sino-US trade situation is optimistic, coupled with the recent downward trend in copper inventories, copper prices can be strengthened, but Sino-US trade negotiations still need to continue to pay attention, and the US non-farm payrolls data is strong, the dollar has rebounded, and part of
the pressure on copper prices.
In terms of spot, copper prices are high and consumption is weak, traders are cautious to enter the market, and short-term copper remains strong and volatile
in long positions.
Technically, the main 2002 contract of Shanghai copper increased its position, of which the mainstream long position increase was larger, and it is expected that the short-term continuation is strong
.