Last week, LME copper attempted to hit the century's high in October but failed to succeed. It took place from Monday (November 29th) to Wednesday (December 1st) after a consecutive high, and finally to Thursday (December 2nd). The high-diving diving market seems to be similar to the collapse situation that occurred after the previous two highs. Copper fell out of the lows on Friday's sharp fall, rebounding above the $3,000 mark. Technically, the high price of the period did not allow the price to accumulate upward momentum, but instead it fell sharply. The break of the 10-day moving average broke the good uptrend in the previous period, and the period entered the broader oscillation consolidation again. Since there is still some distance from the 60-day moving average and the 120-day moving average, there is no reason to believe that the bull market is over. As LME copper stocks have been declining, the figure dropped by 2450 tons to 57,000 tons last week. The LME spot premium is still in a high position. The plunge in Thursday's price did not have a big impact on Gao Qi's spot premium. The high spot premium is always beneficial to the bulls as long as the three-month price stays at a high level and the price of the contract on a specific maturity date has been rising. Therefore, the high spot price of the spot price supports the strong downward support of the futures price. In an upward trend. Last week, LME aluminum failed to continue to surge under the lead of copper prices. It fell on Thursday, but its margin was limited. Friday's price continued to drop, but pulled back late. As can be seen from the chart, the 60-day moving average has always played a key supporting role to the period price, and the 60-day moving average followed a cyclical price that caused the price to stop rebounding and rebounding. Under the support of the 60-day moving average, aluminum futures maintained a trend of upward oscillation. It is expected that this pattern will continue. Newer fund copper positions show that the fund increased its net long position at a high level last week, but the fund will definitely reduce its long position when the price falls on Thursday. In the high-frequency oscillations of the past few months, the fund has generated a certain amount of losses, but the fund has consistently held long positions, indicating that the fund remains optimistic about the copper price outlook, but from the perspective of changes in positions, the fund The attitude is cautious. Recently, Shanghai Copper and Shanghai Aluminum have oscillated sharply under the influence of metal movements in London, and the market risk is relatively large. Investors can take a wait-and-see attitude. Copper inter-city arbitrage positions should continue to be held or added to the market.
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