August 2 Copper Market Brief Review

Thursday Shanghai copper main contract 1909 opened at 46540 yuan / ton in the morning, the opening was down to the lowest level of the day 46540 yuan / ton, then the center of gravity of the plate moved slightly up, and around 46600-46660 yuan / ton oscillated sorting, then the plate continued to rise slightly to the highest level of the day 46680 yuan / ton, after a slight high, due to the lack of market confidence and continued to fall, the center of gravity fell to 46640 yuan / ton around the shock finishing, the end of the session fell slightly and closed at 46620 yuan / ton, down 230 yuan / ton tons, down 0.
49%.

South Reserve East China electrolytic copper: 46640 yuan, down 200, the month's premium quotation: 40 to 70, up 10
.
The Shanghai copper plate continued to fall, spot traders actively shipped, market inquiries were active, activity increased, flat water copper and good copper premium were improved; Downstream bargain hunting into the market purchase, traders' willingness to receive goods increased, boosting market trading and maintaining stable
premium quotations.
The overall transaction situation improved during the day, and the market ushered in an improvement
.
Copper rose 20 yuan to the month's premium of 70-80 yuan; flat water copper premium 40-50 yuan, up 20; Wet copper premium 10-30 yuan, up 35
.

South China Reserve South China electrolytic copper: 46540 yuan, down 190, the month's premium quotation: -70 to -20, up 25
.
Shanghai copper fell again, and the market inquiry received very positive, the holder sharply narrowed the discount quotation, in the morning flat water copper reported -60 yuan / ton or so, good copper quotation is still rare, heard - 40, -20 yuan / ton, relatively chaotic, the overall discount is 30-40 yuan
narrower than yesterday.
Although traders have a high willingness to receive goods, they have a low acceptance of the sharp narrowing of the discount and receive the goods
at a low price.
At about ten o'clock, the flat water copper discount was loosened and began to be sold
at -80, -70 yuan / ton.
Overall, the discount of the spot market in South China has attracted many traders, the speculative atmosphere has heated up, the transaction of low-priced sources has been smooth, the trading performance has improved compared with the previous day, the sentiment of holders to sell at a high price has gradually increased, and the circulation of good copper is very small
.

At present, the macro event has temporarily come to an end, although the Fed cut interest rates by 25 basis points, but Powell made hawkish remarks, the market is doubtful about whether it will adopt a sharp easing policy, the dollar continues to soar, rushing up to the 99 mark, non-ferrous metals are under pressure and low, copper prices are also showing low volatility
.
At present, Shanghai copper closed negative, fell below the Bollinger mid-band, and lost all moving average support, MACD indicators have red columns turning green, technical performance bearish copper prices
.
Wait for the guidance of the external market to test whether Shanghai copper can hold the 46,500 yuan / ton mark
.