August 20 copper market brief commentary

Shanghai copper fluctuated in early trading on Monday, gradually strengthening in the afternoon, and the main Shanghai copper 1910 contract closed at 46610 points (+180, +0.
39%)
as of the close of the day.
On the news, the domestic central bank's interest rate was launched on track, and the premier presided over a meeting at the National Council to ensure that the task goal of reducing the comprehensive financing cost of small and micro enterprise loans by 1 percentage point set at the beginning of the year was achieved, which is expected to bring certain benefits to domestic real enterprises
.

In terms of scrap copper imports, the official website of solid waste announced the eleventh batch of restricted public forms, which involves the total amount of scrap copper import approvals of about 87,000 tons, which is still sufficient in the near future, superimposed on the continuation of the off-season consumption of the refined copper market, the overall domestic copper demand is weak, the short-term copper price rebound momentum is limited, it is expected that the recent copper price range volatility is dominant, or there is a certain strong performance, the range is 4.
63-46,800, the operation is recommended to be cautious and wait-and-see, and the downstream just needs to be stocked
.

The average price of electrolytic copper in East China of the South Reserve: 46460 yuan, up 20, the monthly discount quotation: 40 to 70, up 5
.
After the weekend, trading sentiment weakened slightly, and market activity was not high
.
Traders' price sentiment is still strong, but the market has fewer high-priced transactions, and the receivers have obvious willingness to receive goods with low premiums, and the low-price source transactions are better; Good copper premium remained firm, up slightly from Friday
.
The overall market reaction during the day was flat, the premium basically remained at the level of last Friday, the wait-and-see mood increased, and the transaction situation weakened
.
The premium copper is 60-70 yuan for the current month, which is flat; flat water copper premium 40-50 yuan, flat; Wet copper premium 10-20 yuan, up 10
.

The average price of electrolytic copper in South China: 46360 yuan, up 10, the monthly discount quotation: -80 to -10, down 5
.
At the beginning of the week, the inventory repeated surge was still suppressing spot prices, with flat water copper at -60, -70 in the morning, and good copper at -10, +0
.
Good copper quotations are still scarce, and the price pressure space is small, which can be -10 or +0 transactions, while flat water copper is not attractive, coupled with less willingness to receive goods in the market, the discount has to be expanded
one after another.
After a small number of sources were traded at -70, they began to be lowered to -80 yuan / ton, and even began to report -90 yuan, and during the second trading session, the mainstream transaction discount of flat water copper has fallen back to -90
.
Overall, the inventory at the beginning of the week increased sharply, and the holders were more active in cashing, but the receivers were cautious, the willingness to purchase was weak, and the intraday transaction atmosphere was relatively quiet
.