November 23 Copper Market Brief Review

On Friday, the main contract of Shanghai copper 2001 opened at 46870 yuan / ton in the morning, and then rose slightly, and the center of gravity hovered in the range of 46880-46930 yuan / ton until the end of midday; At the beginning of the afternoon, the center of gravity continued to stabilize at 46890 yuan / ton, near the close of a slight decline and low intraday low of 46850 yuan / ton, and then continued to pull the center of gravity back to around 46900 yuan / ton, closing at 46870 yuan / ton, down 230 yuan / ton, down 0.
49%.

The average price of electrolytic copper in Shanghai was 46920 yuan, down 140, and the price of the month's discount was 50 to 70, down 20
.
The intraday market continued the previous day's downturn, and traders were very active when entering the weekend market
.
The premium continued to fall rapidly from the previous day, the flat water copper quotation from the morning quotation +60, +70 yuan / ton declined, the holder adjusted the price to +50 when the transaction began to stabilize, and the good copper premium quotation also followed down to about +70 yuan / ton
.
Although the Shanghai copper market fell below 47,000 yuan / ton during the day, the downstream buying sentiment did not boost significantly, and the market continued to weaken
.

The average price of electrolytic copper in Foshan in Nanchu: 46850 yuan, down 130, the monthly discount quotation: -30 to 20, down 5
.
Shanghai copper continued to decline, and holders edged up
.
In the morning, the flat water copper newspaper discount 20, the good copper report +20, +30, there were some transactions, but the overall stalemate
was displayed.
After ten o'clock, the liter discount was loosened, and the mainstream of flat water copper was sold
at -30, -4, and good copper +20.
Overall, weekend holders have cash pressure and the supply-demand relationship is loose, which is still a buyer's market, and trading performance remains generally weak
.

Shanghai copper remained low during the day, mainly due to the recent European economy continued to weaken, the minutes of the European Bank meeting once again reiterated the need to adopt a highly accommodative policy, increase the market's worries about the global macroeconomy, superimposed on the trade situation volatile and changeable, investors lowered their optimistic expectations for future trade, Shanghai copper rose lacked momentum, hovering below
the daily moving average.