Strong return of copper prices

Outside the plate trend: overnight Lun copper oscillations continued to fall, closing down 1.32% to 8044.5 US dollars. Today, the Lun copper oscillations in Asian cities have risen slightly, and the gains have been relatively weak as the Shanghai Stock Exchange Index soared. In the evening, we need to focus on whether we can effectively stabilize above $8,100. On the 12th, the positions of the copper were restocked and 924 hands were added. In the recent rebound, the overall position of London Copper has increased, indicating that the participation of funds in the rebound is more positive.

In terms of spot, the spot price of Shanghai Metalnet Copper is 57,150-57,400 yuan/ton, which is 150 yuan higher than that on the 13th. Now, copper premium water is 30-liter premium of 120 yuan/ton. According to reports by Shanghai Nonferrous Metals Co., Ltd., the monthly spread of copper is still around 300 yuan/ton, the price of the copper is very high before the delivery of the commodity, the quotation level is at the delivery level, the middlemen favor copper, the morning market is dipping at low levels, and the spread between copper and copper is widened. , The number of pick-ups in the downstream weekend increased slightly, and the market turnover was generally low.

Inside the plate trend: Shanghai copper 1303 contract opened slightly lower today 110 yuan to 57,500 yuan, the day was very volatile, the trading range of 57970-57460 yuan, a slight increase in the late 0.4% to 57840 yuan. Today's Shanghai copper index slightly decreased by 9452 to 428552, volume increased by 70658 to 347076. The increase in the price of copper to lighten up positions shows that investors are mainly trading at the time of copper price volatility, while the short positions are lightened ahead of schedule.

Analysis of market factors: In December, China's HSBC manufacturing PMI for the first time in 14 months hit a new high of 50.9, a 14-month high, which further validated the steady rebound in China's economy. At the same time, the market over-satisfied with the Central Economic Work Conference and looked forward to the introduction of a wide-ranging fiscal stability monetary policy. The futures index rose more than one hundred points in the afternoon and commodity prices rose broadly. However, there was no progress on the fiscal cliff, and the commodity trend, especially the base metals, was still constrained. The Euro zone PMI and US industrial data were closely watched in the evening. In copper supply, Kazakhstan’s copper production totaled 332,620 tons in January-November, which was an increase of 7.9% year-on-year, mainly driven by increased demand. At the same time, the Southern Copper Peru project’s miners plan to hold on December 24 and 25. At that time, it will bring some impact to the market.