Shanghai copper temporarily supported after the plunge Short-term prices may be repeated

In terms of the market, the spot copper price of Shanghai Nonferrous Metals Trading Center (SME) was reported at 50740-50880 yuan / ton, down 560 yuan / ton from the previous trading day, the spot discount narrowed slightly to C360-C220 yuan / ton, the market liquid supply is relatively abundant, the copper price fell sharply after the holder price has a higher price, downstream consumption continues to be weak, middlemen wait-and-see sentiment is strong, market shipments are difficult, and the overall trading situation is weak
.

Industry News:

Polish copper mining company KGHM said it expects copper production at its Sierra Gorda mine in Chile to increase by 18 percent
per day from current levels.
The mine currently produces 110,000 tonnes
of copper per day.

Oscar Landerretche, chairman of the company, said that even on the basis of rising costs, the company still made a profit of $2.
88 billion, the best profitable result
achieved since 2014.

In terms of news, copper prices fell again against the background of continued tensions between China and the United States over the weekend, coupled with the sharp fall in the black series in the morning, and the market sentiment was more pessimistic
.
At present, downstream consumption has returned to normal levels, but enterprises first choose the reserve warehouse before the consumption holiday in the production process, resulting in greater inventory pressure and a slightly worse
spot trading atmosphere.
The current copper price lacks directional guidance, and may maintain a wide range of volatility in the short term, but the impact of negative factors in the copper market will gradually weaken
in the future.
From the perspective of futures, the main MACD dead cross and KDJ dead cross of Shanghai copper, the price fell again and was temporarily supported by the previous low, and the short-term price may be repeated
.