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Market wire in Nanhai metal scraps market in the morning

After a long and depressing trend, LME copper finally made a comeback last weekend. As the non-agricultural data in November in the United States far exceeded the expected stimulus funds, it re-focused on the copper price and tested the $6,000 mark. Judging from the recent testing of this period, the time was pushed to November, September, July and June of this year, with a total period of five months, which was basically without any results. It can also be seen that the impact of the continuous pressure on Sino-US trade issues and the pressure on the global economic environment is also reflected. The poor performance of most economic data has put greater pressure on the market. Compared with copper, which has strong financial attributes, it is naturally under pressure to maintain a long-term consolidation trend. Judging from the retest, the good U.S. data and the favorable copper fundamentals, low inventory and China's November copper import data support the fund to re-focus on the copper market. On the other hand, it is worth paying attention to the capital turnover pressure caused by the annual settlement, the gradual weakening of the demand for some enterprises to enter the rest period ahead of schedule, and the long-term profit-making operation that has appeared in the earlier period. It is estimated that the short-term copper price is around 6,000 U.S. dollars. Whether the short-term copper price can be effectively broken through depends on more favorable news and whether Sino-U.S. trade relations bring more favorable news before the end of the year.

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