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Overnight, affected by the decline in the U.
S.
stock market and crude oil prices, Shanghai copper opened low and weakened during the day, and the main 2010 contract of Shanghai copper closed at 51830 at the end of the day, down 690, or 1.
31%.
The plunge in the U.
S.
stock market and crude oil prices dragged down the overall non-ferrous metals weakening, and Shanghai copper opened low and dipped overnight, although there was a rebound within the day, but the overall effect was poor
.
In terms of news, according to the latest data from the General Administration of Customs, China imported 1.
587 million tons of copper concentrate and concentrate in August 2020, down 13%
from the same period last year.
From January to August 2020, the cumulative import of copper concentrate and concentrate was 14.
221 million tons, a cumulative decrease of 1.
3% year-on-year
At present, LME copper stocks are still at a low level, and the recovery of EU industry and the growth of domestic copper demand in the previous stage may be the main reason, bringing copper price support effect
.
However, in the case of gradually entering the peak season of gold, silver and ten, the outflow of domestic Shanghai copper stocks is not ideal, the subsequent demand side on the power grid and the recovery of the automobile industry can not be determined, market confidence is still the main driving force of prices, under the influence of external factors intensified, Shanghai copper single-day amplitude may increase, it is expected that intraday and night Shanghai copper weak finishing is the mainstay, the center of gravity is moved down to around
5.
1-52,500.
