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21 December LME early assessment

[Reuters] overnight cable copper stabilized stabilized, of which 3 month copper rose 0.18% to 5515 U.S. dollars / ton, closing price close to the year 18 November hit a low current operation oscillation effectively below two weeks to the finishing platform along. In December 19th, copper positions, 378 thousand hand positions, on the reduction of 5007 hands, even by four days this week, copper fell to lighten up, showing long rallies profits strong willingness.  

In the macro aspect, Trump in the US presidential election after copper prices rose sharply, because he hopes to boost infrastructure spending commitments to the demand for copper. But at the beginning of the December rally. In addition, copper stocks surged at the end of China showed weak demand, causing prices to fall from the end of November high of nearly $100 a tonne, get support at current levels.  

Industry information: the international copper study group data show that in September this year, the global refined copper market supply shortage of 15 thousand tons, 156 thousand tons of excess supply in August.  

Inventory: as of December 20th, LME copper stocks at 344025 tons, reduced 1450 tons, temporarily ending 6 consecutive day sharply increasing trend, but the stock is much higher than the average year inventory of 230 thousand tons, 379175 tons of high inventory for years.

The London Metal Exchange (LME) copper futures closed higher Tuesday, because buyers absorb dips in the previous trading day fell to lows around LME this month, a substantial increase in the stock momentum pause also provided support to the market. London 17:00 on December 20th (Beijing time at 01:00 on December 21st), LME three month copper closed up 0.1%, to $5502 a tonne on Monday, has dropped to around $5475 in low.

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