Fundamentals:

The news: China's large copper smelter will be 2015 copper export term premium of 7.3% lower than this year to 128 US dollars / ton, due to spot copper premium is still weak.

Spot: According to SMM reported that the Shanghai copper spot yesterday reported that the premium 50 - liter 120 yuan / ton. Shanghai and London ratio repair, a large number of imported copper into the market, is subject to restrictions on copper premium, brokers lack of speculative space, few market, the downstream bargain-on-demand goods, turnover improved slightly yesterday. Outer disk area, LME copper 0-3 month spot premium of $ 46, significantly narrowed $ 15 compared with the day before.

Stock: As of November 25, LME LME copper stocks increased by 1350 tons to 163200 tons, rose to the highest since June 13, while cancellation of warehouse receipts accounted for inventory ratio fell to 15.41%; closing November 21, the Shanghai copper stocks reported on the 95,383 tons, compared with last week, an increase of 7,243 tons, or 8.2%, the highest in the year to the end of October.

Operational recommendations:

Shanghai copper 1503 contract rebounded recently, the technical point of view, has touched the top of the pressure position, short-term can be short, below the target bit 43800.

Ruibo investment market analysis of the Department of Zhang Zhen

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