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The morning market of London and Shanghai was dull
.
London copper broke through the $6,000 narrow range in early trading, showing signs of
standing firm.
The Shanghai Copper Index consolidated near the opening price, with slight pressure
above 48,600 yuan.
On the fundamental front, copper scrap imports hit a year-high
in July.
The copper market spot market has a significant
premium.
It is expected that London copper will fluctuate around $6,000 during the day and gain strength to rise again
.
Shanghai copper has basically confirmed the rebound on Monday, but the rally was weak this morning, and it rose
again within the day or after a slight dip.
Shanghai copper running center of gravity continues to slowly move up, today's copper price hovered at 48500 yuan / ton line, imported copper storage increased, tight inventory was alleviated, morning market holders quotation premium 210 ~ 260 yuan / ton, the market stopped and watched, the transaction was weak, the holder took the initiative to lower the quotation, flat water copper quotation premium of about 200 yuan / ton, good copper because the source of goods is still small and the reduction is limited to 250 yuan / ton, the transaction has improved
。 Entering the second trading session, the futures plate rose slightly, the source of goods continued to flow out, the willingness of holders to exchange cash increased, flat water copper was generally adjusted to 190 yuan / ton, good copper reported to 230 ~ 240 yuan / ton, downstream consumption is still weak, very little into the market, wet copper goods to concentrate, the reduction is large, the quotation from 150 ~ 160 yuan / ton to about 130 yuan / ton
.
The arrival of imported copper increased, the market transaction heat cooled significantly compared with yesterday, and the number of shippers in the rebound and high premium pattern increased
.
And the demand side has room
to reduce prices today.
The degree of softening of subsequent premiums needs to pay attention to the continuous arrival of imported copper
.
