August 29 Copper Market Brief Review

On Wednesday, the main contract of Shanghai copper opened at 46540 yuan / ton in the morning, opened slightly up to a high of 46610 yuan / ton, and then continued to slide to 46520 yuan / ton, and then continued to rise until the end of the afternoon, the afternoon plate continued to recover slightly The center of gravity basically fluctuated around 46600 yuan / ton, and closed at 46560 yuan / ton, up 220 yuan / ton, or 0.
47%.

The average price of electrolytic copper in East China of the South Reserve: 46600 yuan, up 190, the monthly discount quotation: 50 to 70, down 10
.
Shanghai copper prices rose during the day, and the premium came under pressure
.
In the morning, the holder's inquiry and quotation were positive, the market activity rebounded to a certain extent, and the quotation of flat water copper was 50 yuan / ton, with high market acceptance and good transaction situation; Good copper also fell
to a certain extent compared with the mainstream trading price of the previous day.
The premium fell slightly during the day, the market receiving sentiment was better, the trading atmosphere was good, and the transaction situation was better than the previous day
.
The premium copper is 70-80 yuan for the current month, which is flat; flat water copper premium 50-60 yuan, flat; Wet copper premium 20-30 yuan, up 10
.

The average price of South China electrolytic copper: 46,500 yuan, up 210, the monthly discount quotation: -70 to -10, up 10
.
Recently, consumption has been acceptable, traders taking advantage of the low willingness to enter the market to replenish, and the discount continues to narrow
.
In the morning, flat water copper reported -50 to -70, the differentiation between flat water copper is large, better flat water copper demand is strong, and the supply is not much, can be with other brands of flat water copper to open a price difference of about 20 pieces, the mainstream to -60 transactions
.
Ordinary flat water copper is not well received, and it can be sold
only after -70 or -80.
The good copper discount was also raised accordingly, at -10 to 0, and the price was not easy
to trade.
Overall, the market supply and demand relationship has improved, some flat water copper sources are favored, and the holders are willing to sell at high prices, so that the center of gravity of the premium water rises, but the overall transaction is not smooth, and the transaction of different flat water copper varies greatly
.

The center of gravity of the intraday plate basically remained around 46600 yuan / ton, with less volatility, mainly because the current trade sentiment was basically digested by the market, and the macro weakness made the Shanghai copper upward rush weak, but at the same time supported by the depreciation of the RMB, the probability of copper prices falling sharply is still not large, so the long and short forces are deadlocked, and the overall plate is stable
.
However, it is still necessary to be wary of dangerous tensions in the trade situation, which will affect copper prices
.
Shanghai copper closed negative during the day, has now stood on the 20-day moving average, but the resistance level of the upper 60-day moving average is still large, and has not yet received Bollinger mid-band support, the technical situation is difficult to say that it is favorable for Shanghai copper
.
Wait for external guidance to test whether Shanghai copper can continue to hold the 46,600 yuan / ton mark
.