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As early as December 21st on copper

[Reuters] cable overnight, 1702 copper contract opened at 44950 yuan / ton. Early long admission to push up prices to 45130 yuan / ton, then short Masukura lead copper fell the average low 44800 yuan / ton, long re buying prices on average over the counter part, from long positions, copper closed at 45000 yuan / ton, up 30 yuan / ton, volume reduction of 237 thousand to 60260 hand in hand warehouse, by 324 to 203042 hand in hand. Overnight Shanghai copper in average near the pupil stalemate, a cross line, the 45000 position is still supported, today is expected to run the interval 44800~45150 yuan / ton.

Market: according to SMM reports, the December 20th Shanghai copper spot on month contract premium 280 yuan / ton – Premium 150 yuan / ton, flat water copper price 44550-44670 yuan / ton. At the end of holding the goods for cash withdrawal from circulation of funds of strong will, but also due to speculative plate closing and a. Downstream there are sporadic intentions to buy goods, but subject to the disk continuous fall, mainly to wait and see. The above quote, far more than the inquiry, receiving more few, so today is copper discount to expand again, is expected to end the light market will also continue.  

Inventory: as of December 16th, the copper stocks at 144026 tons, by 12076 weeks, for the first time in three weeks, indicating short-term domestic stocks has increased the pressure.  

Overnight, the main copper finishing oscillation to 45000 yuan / ton, due to the high Chinese production of refined copper and copper stocks nearly six, increasing nearly 133 thousand tons, increasing the supply pressure of copper, copper, the proposed short-term bearish. 1702 copper contract can be backed by 46100 yuan under rallies short space, admission reference near 45500 yuan, 44000 yuan target.  

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