September 5 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: 46320 yuan, down 170, the monthly discount quotation: 90 to 110, up 10
.
Shanghai copper fell back to the recent lower level, opening low intraday to the upside
.
The activity of the spot market has weakened to a certain extent during the day, and the number of shipments by holders is small, and the circulation is tight
.
The decrease in the supply of goods drove the transaction and promoted the rise of
premiums.
Affected by important meetings in the industry, market activity will weaken to a certain extent in the subsequent trading days this week, and the circulation supply is relatively tight; Coupled with the upcoming Mid-Autumn Festival holiday, there is a demand for stocks downstream, traders are strongly willing to raise prices, and the price of premium in the future market may remain high, and it is difficult to decline
.
Market activity has declined, the supply of circulating goods is tight, and the premium has risen
.
Copper rose 20 yuan to the current month's premium of 110-120 yuan; flat water copper premium 90-100 yuan, up 20; Wet copper premium 30-40, up 10
.

The average price of electrolytic copper in South China: 46300 yuan, down 150, the monthly discount quotation: 70 to 90, up 30
.
Copper prices fell to low levels, and inventories fell rapidly for several days, expectations of tight supply increased, and holders sharply raised their shipments
.
In the morning, flat water copper began to report +60, +70 yuan / ton, some flat water copper reported +80 yuan / ton, the quotation is not much, and the transaction of low-price sources is smooth; Good copper concentrated on +100 yuan / ton, some cheap reported +90 yuan / ton, some transactions, but the supply is relatively loose, the transaction is not smooth
.
With the consumption of cheap flat water copper, the quotation of flat water copper has basically been adjusted to +80 yuan / ton, but the transaction is average
.
Overall, the recent consumption is acceptable, while the supply of flat water copper is still small, sellers are strong in price sentiment, traders enter the market to receive goods more actively, but the price reduction space is small, the low-price source of goods is traded smoothly, and the overall transaction is good
.

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
.