Shanghai copper morning review on September 20

In terms of the market, as of 2017-9-19, the spot price of SMM 1# electrolytic copper is 50730 yuan / ton, up 150 yuan / ton from the previous day, and the premium is 40 yuan / ton compared with the recent month contract, the willingness of holders to exchange cash is gradually strengthened, good copper is scarce, flat water copper is still okay compared with the transaction, the source of wet copper is still tight, unwilling to discount the water performance stalemate, yesterday's quotation cash exchange increased significantly, but the downstream maintained rigid demand, the purchase volume has declined, supply and demand are slightly saw-of-war
.

In terms of news, although the copper market lacks outstanding supply and demand contradictions, but peak season consumption rebounded, scrap copper due to environmental protection reasons import reduction, concentrate supply shortage speculation and other positive factors are waiting to be realized, if copper prices continue to fall, it will also attract downstream point prices and National Day stock buying, the recent support is strong
.
Technically, the main technical support of copper prices in the medium term is concentrated in the 50,000 line, where the price stops falling and rises, and the rapid decline ends to find a rebound, but Shanghai copper holdings continue to decline, indicating that the current price is still too high, failed to attract large-scale buying entries, and the height of the price rebound is limited
.
Keep the low level short and unchanged
.