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The copper market recalled that the main 1906 contract of Shanghai copper opened at 49510 yuan / ton on Wednesday morning, and the center of gravity showed a downward trend after the opening, and it had fallen below the 49400 yuan / ton mark before the afternoon, and the narrow range fluctuated at 49390 yuan / ton line
.
Until the afternoon, the bears continued to enter the market, the center of gravity of Shanghai copper moved down, the price at 49330 yuan / ton to stop falling and rebound, but failed to break through the daily moving average, soon due to the impact of the stock market, copper price performance fell deeply, straight down to a low of 49110 yuan / ton, closed at 49240 yuan / ton, down 140 yuan / ton, down 0.
28%.
South Reserve East China: The average price of electrolytic copper was 49,060 yuan, down 120, and the price of the month's premium was -30 to 70, down 25
.
Although copper prices have continued to fall, the willingness of downstream manufacturers to purchase is still not high; Moreover, the shipping desire of the holders has not weakened, so that there are more
circulating sources in the market.
Affected by this, the premium showed a continuous downward trend
.
However, wet copper resisted the decline due to tight supply, and the price only fell
slightly from the previous day.
Overall, the East China market performed poorly, with more shipments and fewer receipts, and the premium continued to decline
.
The premium copper pair was 70-80 yuan for the month, down 20 yuan from the previous day; flat water copper discount 30-40 yuan, down 25 yuan; Wet copper discount 60-70 yuan, down 10
.
South China Reserve: The average price of electrolytic copper was 49110 yuan, down 90, and the monthly discount quotation: 70 to 80, up 10
.
The plate and inventory continued to fall, the merchants in the morning held up the price of shipments, flat water copper opened at +80, +90 yuan / ton, good copper +100 yuan / ton or so, but the market on the premium higher divergence, and the next month difference is positive and negative, traders are afraid of high cautious wait-and-see, shippers are powerless
.
After ten o'clock, the mainstream transaction premium of flat water copper fell to +70 yuan / ton, good copper + 80 yuan / ton or so, because the inflow of warehouse receipt good copper accounted for more, and flat water copper almost no price difference
.
Overall, the rapid decline in inventory is still a strong price and selling plot, spot premium is more resistant to decline than East China, while downstream copper prices are generally purchased, and the overall trading performance is still weak
.
