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The two sides of the trade war began to negotiate, panic was further eased, but the rebound of the dollar index still suppressed the trend of metals, London copper still closed slightly in the morning failed to break through $6700, Shanghai copper main force in the morning basically gave up overnight gains, returning to yesterday's close of 49,000 yuan near the first line, the current fundamentals have not significantly improved, copper price trend is still dominated by the news, in the short term, the easing of the trade war may help copper prices gradually narrow the decline, but demand is not expected to form a certain resistance to copper prices, Technical net long position data continued to decline, the market is expected to be suspicious of the copper price rebound rally, it is expected that Shanghai copper will maintain a narrow range today, there is no possibility
of a big rise for the time being.
In terms of the market, due to the current continuous inflow of imported sources, today's copper price rebounded at a low level, downstream bargain inquiry and price inquiry positive, holders slightly adjust the price of shipments, because consumption recovery is expected to be obvious, downstream copper manufacturers low procurement confidence remains good, low-price sources are still in demand, today's Guangdong electrolytic copper trading premium flat, near the end of the month, capital pressure appeared, some holders slightly adjusted the price of shipment to realize the demand, downstream procurement and stocking atmosphere is better, the overall trading continues to improve
.
Scrap copper market, the market supply is obviously in short supply, because the import source can not be replenished, the current holders are more than willing to sell, the market transaction gradually recovered, due to the narrowing of the scrap electricity price difference, most of the downstream turned to the purchase of high-quality electrolytic copper, scrap copper has no obvious advantages, demand is further reduced, the overall trading volume is significantly sluggish
.
