August 16 Copper Market Brief Review

On Thursday, the main contract of Shanghai copper 1910 opened at 46430 yuan / ton in the morning, and then the long position rose to 46700 yuan / ton, and then the market confidence was insufficient, it was difficult to stand firm at the high, and the market continued to fall, and the center of gravity was basically stable at 46500 yuan / ton
.
In the afternoon, the market remained stable, and the center of gravity was located in the range of 46500-46580 yuan / ton, until the end of the day, closing at 46510 yuan / ton, up 420 yuan / ton, or 0.
91%.

The average price of electrolytic copper in East China of the South Reserve: 46340 yuan, down 300, the price of the month's liter discount: 110 to 130, up 70
.
The market quotation is mainly the next month's premium, the Shanghai copper plate gap fell, the basis was further widened compared with the previous day, the morning market traders showed active sentiment, the inquiry was positive, and the next month's premium reported flat water 0 yuan / ton
.
Holders have a strong willingness to raise prices, and the transaction situation of 10 yuan / ton is better
.
As the intraday basis widened further, there was a wait-and-see mood in the market, and some holders were forced to lower their premiums
.
The overall good copper and flat copper premium during the day were relatively stable, traders' speculative arbitrage sentiment strengthened, the market atmosphere was active, and the transaction improved
.

The average price of South China electrolytic copper: 46240 yuan, down 300, the month's premium quotation: -30 to 60, up 65
.
The mainstream of the market quoted the 1909 contract, and flat water copper began to report -120 yuan / ton, and the price difference widened from 70 to about 130 in the next month, which is equivalent to the discount of flat water copper to the current month narrowed sharply compared with the previous day
.
The holder took profits and the overall shipment was more positive, but the receiver was afraid of the high and received the goods
at a low price.
At about ten o'clock, Pingshui copper fell to 140-150 yuan / ton for the next month's report, and began to trade, and good copper was traded at 60-70 yuan / ton in the month, and the quotation was not much
.
After the second quarter, the holders were unwilling to ship at a low price, and the discount of Pingshui copper narrowed to -110 and -120 yuan the following month, but the receivers were deterred, it was difficult to trade, and the overall transaction was not good, weaker than the previous day
.

At present, the overall performance of Shanghai copper is a volatile pattern, mainly due to the recent Sino-US friction affected copper prices to a low level, the market cautiously continues to be bearish, bulls buy on the dip increases, copper prices have slightly shifted
upward.
However, due to the current economic and trade pattern is still risky, the market risk aversion is strong, and the momentum to continue to rush up is insufficient
.