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Copper market review, Shanghai copper opened low on Tuesday to test the bottom
.
Fundamentally, the short-term macro positive is gradually exhausted, combined with the failure of London copper to rush higher, the dollar to maintain a strong situation, Shanghai copper will have some back to explore the situation
.
However, looking at the supply and demand side: the gradual decline in copper concentrate supply TC/RC has also increased concerns about the reduction of copper concentrate supply, and the copper plant maintenance period will also arrive in April, and the estimate of refined copper supply is still tight, providing some support
for Shanghai copper prices.
Although there is no large fluctuation in demand, Shanghai copper inventories are still continuing to decrease, pay attention to whether the later demand season is further reflected, if demand picks up, there will be more boost to copper prices
.
South Reserve East China: The average price of electrolytic copper was 49180 yuan, down 270, and the price of the month's premium was 0 to 90, down 15
.
At the beginning of the session, the holder still insisted on holding the price of shipments, but as the monthly difference changed into a back structure, its shipments were willing to rise, and the market supply increased significantly; However, the receiver is more cautious, the willingness to receive the goods is not high, and the intraday premium continues to decline
.
It is also worth noting that there are still less wet copper in the near future, and the price is more resistant to declines, and the price difference with the PC board shows signs of
narrowing.
Overall, trading is not as good as the previous day, and signs of pre-holiday stocking have not yet been seen
.
The premium copper pair was 90-100 yuan for the month, down 10 yuan from the previous day; flat water copper discount 20-0 yuan, down 35 yuan; Wet copper discount 50-60 yuan, flat
.
South China Reserve: Electrolytic copper 49200 yuan, down 280, the month's premium quotation: 60 to 70, down 25
.
Although the inventory is rapidly declining, but the good copper warehouse receipt continues to flow, obviously oversupply, resulting in a relatively difficult transaction of good copper, the morning quotation of +80, +100 yuan / ton, but the mainstream was pressed to +70 yuan / ton transaction
.
Pingshui copper premium is also dragged down by good copper to a certain extent, coupled with the inversion of the monthly difference, traders are afraid of high and cautious receipt, and the mainstream of premium water fell to +60 yuan / ton of transactions
.
Overall, the monthly difference inverted shipment end is more positive, especially good copper, while the recent downstream and trader demand performance is weak, and the overall transaction is lackluster
.
