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Today's Shanghai copper opened low and stabilized, closing at the end of the day Shanghai copper main 2010 contract closed at 51680, down 380, or 0.
73%.
Overnight, U.
S.
stocks and Brexit renewed disputes dragged down market confidence, Shanghai copper opened low in the morning and remained resilient, and further stabilized after midday to rebound and converge losses
.
At present, the low level of LME copper stocks and domestic copper imports have become the main support points, but the demand side of the power grid has not yet improved significantly, and the short-term lack of market confidence hinders further promotion
.
It is expected that short-term Shanghai copper will maintain a high volatility pattern, and the single-day shock space may expand, referring to Shanghai copper around
5.
1-52,500.
In terms of inventories, the last period of stocks increased by 6,787 tons last week, and LME copper stocks turned upwards yesterday, increasing by 2,550 tons, but global explicit stocks were less than 600,000 tons, at a historical low
.
In general, macro easing expectations remain, and consumption expectations are good when the peak season comes, both of which are the core elements of bullish copper prices; Low TC fees on the supply side, coupled with low sulfuric acid prices, strongly supported copper prices from the bottom, and automobile sales increased by 11.
6% in August, confirming the weak
recovery trend of demand.
Risk points focus on global capital market performance
.
Short-term copper prices may continue to fluctuate at high levels
.
