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Thursday Shanghai copper main contract 1910 opened at 46460 yuan / ton in the morning, the opening is at the high of the day, and then bears have entered the market, the market has fallen all the way, the center of gravity at the end of the afternoon basically slipped to 46350 yuan / ton, the afternoon opening Shanghai copper continued to fall, all the way to the low 46200 yuan / ton mark, and then immediately rebounded to around 46340 yuan / ton, the end of the session closed at 46310 yuan / ton, down 80 yuan / ton, down 0.
17%.
In the external market, Apanlun copper opened at 5731 US dollars / ton, and the overall trend of copper prices after the opening fell from the morning high of 5734 US dollars / ton, the overall activity of the market weakened, the bulls were not confident enough, and actively closed their positions and left the market
.
During the European session, copper prices successfully fell below the $5,700 integer mark, and the decline continued
.
As of 17:30, London copper was trading at $5,688 / ton, down 0.
8%.
In terms of the market, Shanghai copper continued the previous day's shock pattern at 46300 yuan / ton line, the willingness of the holder to hold the price before the delivery of the long order remained unchanged, the morning market quotation premium 70 ~ 100 yuan / ton, flat water copper holders quoted 70 yuan / ton, some sources of goods can be reduced to 60 yuan / ton when the transaction buying order increased significantly, good copper favor is not as good as flat water copper, the premium 100 yuan / ton was soon actively lowered by the holder, the premium 90 yuan / ton hovered for a long time, the transaction of 80 yuan / ton improved slightly; Wet copper is quoted around the first line of 30 yuan / ton of premium, and the downstream maintains rigid demand
.
Copper shock has not shown the direction for the time being, after the spot premium continues to rise steadily, traders' profits are limited, buying interest has also been suppressed, traders are still targeting low-priced sources, the main body this week is still long-term order delivery, premium will still maintain a steady upward trend, but zero single transactions and downstream consumption is difficult to show a high degree of
activity.
In the afternoon, the market quotation situation was still in a stalemate state, because the market needed to deliver long orders in the near future, which also gave the support of the holders
.
In the afternoon, flat water copper reported 60-liter water 70 yuan / ton, good copper reported premium 80-liter water 90 yuan / ton, the transaction price was in the range of 46300 yuan / ton - 46390 yuan / ton
.
The overall intraday market is in a downward trend, mainly due to the weakness of the macro economy, copper prices are still difficult to stand even after a slight surge, the market generally does not recognize the high, bears take the opportunity to actively layout
.
The future copper price mainly depends on the situation on the consumer side, and the supply of copper concentrate is relatively stable in the short and medium term, but this year, copper inventories have come out of a more obvious accumulation trend, indicating weak demand
.
LME inventories have increased sharply for several days, which has hit copper prices to a certain extent, but the current copper price position continues to weaken and the resistance is greater, but there is also a certain pressure on the upside, and the short-term trend is volatile, mainly depending on the improvement of
consumption.
