The rise in market risk aversion has put pressure on Shanghai copper

In terms of external trading, the Asian pan Lun copper opened at 5743.
5 US dollars / ton in the morning, and the overall center of gravity remained stable around 5750 US dollars / ton at the end of the Asian market in the morning, touching a high of 5756 US dollars / ton
during the period 。 But then at the end of the Asian market, due to the spread of the global epidemic environment, the market macro risk aversion escalated again, safe-haven gold soared all the way during the day, resulting in most of the bulk market setback, copper prices quickly fell below the $5700 mark, the European market began to test the low of $5684 / ton, and then the low performance rebounded, copper prices repaired again above the $5700 mark to $5730 / ton, intraday copper fell 0.
2%.

In terms of the market, Shanghai electrolytic copper spot contract reported a discount of 210 yuan / ton ~ 170 yuan / ton, flat water copper trading price of 45880 yuan / ton ~ 45940 yuan / ton, and premium copper trading price of 45900 yuan / ton ~ 45960 yuan / ton
。 Shanghai copper continued to close slightly negative, but the spot market, traders in the previous day's big discount when there was part of the receipt, intraday morning market quotations stabilized and converged, morning market good copper reported in the discount 200-190 yuan / ton, flat water copper discount 210-200 yuan / ton, after a stalemate, due to the phenomenon of intraday rapid dumping of goods has been controlled, coupled with the decline in the plate, traders maintain an appropriate amount of receipt, the quotation is fully narrowed to a discount of 200 yuan / ton, good copper raised to a discount of 180-170 yuan / ton, Wet copper self-discount 300 yuan / ton was then raised to around
270 yuan / ton.

The main body of intraday goods is not downstream, mostly traders receive low-priced goods to deliver long orders, but the transaction situation is not as good as the morning market after the discount is significantly
raised.
Next week will enter the end of February, inventory is still accumulating, digestion will take time, but financial pressure will follow, and delivery warehouse receipts will gradually flow out, and it may be difficult
to shrink significantly.
In the afternoon, the market fell, the spot discount narrowed slightly, the bottom of the quotation moved slightly up, the transaction of flat water copper discount 190-180 yuan / ton, good copper discount 180-170 yuan / ton, the transaction price continued to fall to 45730-45830 yuan / ton
.

During the day, the main contract of Shanghai copper increased its daily position by 2,781 lots to 116,000 lots, mainly showing that short positions increased; the trading volume decreased by 1,683 lots to 62,000 lots
.
The overall performance of Shanghai copper fell during the day, and has fallen below the 46,000 mark, giving up some of the recent gains, mainly because the current epidemic in Japan and South Korea is gradually in the stage of spreading, and the domestic Shandong has also once again burst out that the number of infections in Rencheng prison has increased, once again triggering market worries about the epidemic, and the CMX gold price also continued to rise to around $1636 / oz during the day, and the market risk aversion has heated up significantly, suppressing Shanghai copper
.