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On Tuesday morning, the main 1810 contract of Shanghai copper opened at 48490 yuan / ton, slightly fell at the beginning of the session, to the low of the day 48300 yuan / ton, and then the copper price fluctuated upward, in the afternoon, the outside market took the lead to pull up, bulls took advantage of the trend to increase positions, Shanghai copper rose widely, touched 48730 yuan / ton, the end of the session short more exit, closed at 48700 yuan / ton, up 620 yuan / ton, a daily increase of 1.
29%.
In terms of external trading, London copper opened at 6005.
5 US dollars / ton, the US dollar fell sharply in the morning, London copper touched 6028.
5 US dollars / ton after being blocked, after the opening of the Asian market, copper prices slowly climbed, in the afternoon, the rise expanded, rushing up to 6046.
5 US dollars / ton after being blocked again, the dollar continued to decline, copper prices rose rapidly, to a high of 6076 US dollars / ton, as of 17:00, London copper reported 6076.
5 US dollars / ton, the dollar index was 95.
485
.
In terms of the market, the center of gravity of Shanghai copper operation continues to slowly move up, copper prices hovering at 48500 yuan / ton line, imported copper storage has increased, tight inventory has been alleviated, morning market holders quotation premium 210 ~ 260 yuan / ton, the market stopped and watched, the transaction was weak, the holder took the initiative to lower the quotation, flat water copper quotation premium of about 200 yuan / ton, good copper due to the supply of still small and the reduction limited to 250 yuan / ton, the transaction has improved
.
The arrival of imported copper increased, the market transaction heat cooled significantly compared with the previous day, and the number of shipments in the rebound and high premium pattern increased
.
The demand side already has room
to reduce prices.
The degree of softening of subsequent premiums needs to pay attention to the continuous arrival of imported copper
.
In the afternoon, the market climbed rapidly, the downstream stopped, the holders greatly expanded the discount to seek transactions, traders were still very willing to receive goods, and the market rarely traded
.
In terms of news, the US Trade Office began a six-day public hearing on Trump's proposal to impose $200 billion in tariffs on Chinese goods on August 20, which directly targeted consumer products, laying another hidden danger for the subsequent rebound of copper prices, and pay close attention to follow-up progress
.
The market waited for the proposed trade talks between China and the United States in Washington, and the panic was eased, but it may be cautious, and Shanghai copper is expected to be strong
.
