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Overnight, the main 1907 contract of Shanghai copper opened low at 47550 yuan / ton, opened high 47950 yuan / ton, and then affected by market sentiment fluctuations, the performance fluctuated and fell, the decline slowed down at the beginning of the session after testing down 47460 yuan / ton, but then due to the continued entry of bears into the market, copper prices fell again, after bottoming out at 47350 yuan / ton in the evening, copper prices rebounded slightly at a low level, closing at 47400 yuan / ton, down 0.
55% in the evening, and the trading volume of the Shanghai copper index was 130,000 lots, Positions increased by 14,420 lots to 550,000 lots
.
Last night, the Sino-US trade conflict escalated again, China announced a tariff increase of 60 billion US imports, market risk aversion surged, the fear index VIX soared 30%, and nonferrous metals except aluminum collectively flew green
.
As the market is worried about the impact of the trade war on industrial demand, copper prices are expected to consolidate at a low level today, and below because the total market inventory is currently at a historically low level, it shows some support for prices
.
Spot is currently facing delivery, quotations are closer to the delivery level, and yesterday's downstream bargain replenishment is acceptable, and the willingness of holders to hold prices has increased
.
It is expected that today's Shanghai copper 47400-47900 yuan / ton, spot flat water - premium 100 yuan / ton
.
