August 23 Copper Market Brief Review

Thursday Shanghai copper main contract 1910 opened at 46460 yuan / ton in the morning, the opening is at the high of the day, and then bears have entered the market, the plate has fallen all the way, the center of gravity at the end of the afternoon basically slipped to 46350 yuan / ton, the afternoon opening Shanghai copper continued to fall, all the way down 46200 yuan / ton mark, and then immediately rebounded to around 46340 yuan / ton, the end of the session closed at 46310 yuan / ton, down 80 yuan / ton, down 0.
17%.

The average price of electrolytic copper in East China of the South Reserve: 46420 yuan, up 50, the monthly discount quotation: 70 to 90, up 10
.
Shanghai copper opened slightly lower on a daily basis, spot market activity declined, and the morning flat water copper quotation was 70 yuan / ton, continuing to maintain an upward trend, mainly due to the decrease in circulating sources and the preference for transactions; In the second trading session, when the main demand was met, the overall premium fell slightly, but it remained in the range of 60-70 yuan / ton; Good copper premium also has a downward adjustment
of about 10 yuan / ton.
The decrease in circulating sources has pushed up the market premium in a short period of time, but the lack of demand has not been able to maintain the high premium, and the trading atmosphere has weakened
significantly.
The premium copper was 80-90 yuan for the month, flat; flat water copper premium 60-70 yuan, up 10; Wet copper premium 20-30 yuan, up 10
.

The average price of electrolytic copper in South China: 46270 yuan, up 20, the monthly discount quotation: -100 to -30, flat
.
There was a good improvement in the consumption side of the previous day, making the holders more firm in price, and in the morning Pingshui copper reported -90, -100 yuan / ton, and good copper reported -30 yuan / ton
.
Good copper shipment willingness is low, quotations are scarce, while flat water copper has increased one after another, and the transaction has reached a stalemate
.
The enthusiasm of the holders to adjust the price is not high, and it is difficult for traders to reduce the price, and some flat water copper is only discounted by about
110 yuan / ton.
Overall, the spot market supply is still sufficient, but the downstream demand for registered copper has fallen, and the overall transaction is more difficult and weaker than the previous day
.
Despite this, Pingshui copper sticks to the vicinity of 100-110 sticks, and the willingness of holders to ship at low prices is low
.

The overall intraday market is in a downward trend, mainly due to the weakness of the macro economy, copper prices are still difficult to stand even after a slight surge, the market generally does not recognize the high, bears take the opportunity to actively layout
.
Shanghai copper continued to close negative, and the resistance level formed by multiple moving averages above was slightly stronger, and it was difficult to benefit copper prices
technically.