Fundamental analysis: China will continue to demand growth momentum, while the rest of the world's copper demand continues to fall. China's copper demand is expected to grow 9% YoY to 10.6m t in 2014, higher than the expected economic growth of 7%, although the Chinese property market is slipping and the Qingdao port commodity lent a case to the market. UBS forecast copper demand in 2015 will further increase 6.8%, mainly driven by investment in the grid. Relaxing monetary policy will strengthen traders' trading interest in the first half of 2015, given that copper trading is vulnerable to credit. Looking at other regions, the United States and European economic growth is important, but now Europe and the United States copper consumption are lower than the level of 2000-2008. Germany's unemployment rate in November fell to a record low of 6.6%. China to discuss the implementation of deposit insurance policy as soon as possible, the central investigation team to implement research policies, the focus shifted to steady growth. The much-anticipated OPEC meeting decided to maintain the current production of 30 million barrels / day unchanged, and meeting the proposed reduction of production is only 5%, the international crude oil fell 6%, a 4-year low. LME copper continued to decline, to close at 6,547.75 US dollars / ton, down 0.43%. Shanghai copper futures contract opened at 1506 low 46,600 yuan / ton, closing down 160 yuan to 46,500 yuan / ton, traded 152,516 hand positions 339,758 hands. Spot: the domestic spot market prices. November 27, the Yangtze River spot copper fell 100 yuan to 47,705 yuan / ton; Guangdong spot fell 50 yuan to 47,650 yuan / ton. The main contract spot premium, the Yangtze River 1205 yuan, 1150 yuan in Guangdong. Shanghai copper electrolytic copper spot premium of 70 yuan / ton to premium 120 yuan / ton, flat copper transaction price 47,620 yuan / ton -47,680 yuan / ton, premium copper transaction price 47,640 yuan / ton -47720 yuan / ton. Slightly higher water, hold cargo shipments actively, brokers lack of speculative space, the downstream bargain-on-demand goods, turnover was light.

Technical Analysis: Yesterday night copper weak consolidation, but yesterday night crude oil plunged sharply lead to short atmosphere, copper copper fell sharply in early trading, Shanghai copper 1502 contract fell below the previous low of 46,000, the lowest in early trading fell to 45,880, but the Shanghai Copper 1502 contract price is not a new low, it is worth noting. But the Shanghai copper rebounded in early trading rebound to 46170 period price. Empty single leave, copper is not optimistic about too much decline again.

Operational recommendations: Shanghai copper 1502 contract price rebounded to 46150 near the short-term short, the price fell to 45950 to stop the first-line profit

Jinan Sales Department Fanjing Li