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Today's Shanghai copper continued yesterday's decline, weak operation, the main month 2110 contract opened at 68860 yuan / ton, the highest intraday 69230 yuan / ton, the lowest 69590 yuan / ton, settlement 70170 yuan / ton, closed 69020 yuan / ton, down 570 yuan
.
The trading volume of the main 2110 contract of Shanghai copper decreased by 16,636 lots 100627 lots throughout the day, and the position volume 126108 decreased by 4,297 lots
.
During the Asian session, London copper fluctuated in a narrow range, and the latest quotation at 15:01 Beijing time was 9382 US dollars / ton, up 46 US dollars, or 0.
49%.
In terms of the market, today's domestic spot copper prices fell, Yangtze River non-ferrous metal network 1# copper price was 69520 yuan / ton, down 450 yuan, premium 230-290; Guangdong spot 1# copper price was reported at 69500 yuan / ton, down 430 yuan; Yangtze River spot 1# copper 69530 yuan / ton, down 470 yuan, premium 260-liter 280; Shanghai spot 1# copper price was 69440 yuan / ton, down 510 yuan
.
In the spot market, traders ship normally, and a small amount of replenishment is made downstream on the dip, but the demand is general, and the overall trading volume is limited
.
Yesterday, the State Reserve Bank sold 30,000 tons of copper, and the bidding price was lower than the market price, which was conducive to reducing the cost of downstream enterprises, easing supply pressure in the short term, and the speed of copper inventory dematerialization began to slow down, and copper price performance continued to decline
.
In terms of news, Chilean mining passed the mining tax bill, which will cause a significant increase in the effective tax rate, affecting mining investment, the third batch of domestic reserves landed, the earliest will arrive at the plant next week, and lower than the market price, which is conducive to reducing the cost of downstream enterprises, power rationing leads to production reduction to further compensate, market supply pressure eased, copper prices fall.
