August 24 Copper Market Brief Review

On Friday, the main contract of Shanghai copper 1910 opened at 46230 yuan / ton in the morning, and the center of gravity basically maintained around 46260 yuan / ton after the opening, close to noon, the market rose slightly to around 46330 yuan / ton, and the afternoon opened up, the plate rushed all the way to the highest point of the day of 46420 yuan / ton, and then fell slightly, the center of gravity was basically stable around 46400 yuan / ton, and closed at 46400 yuan / ton
at the end of the session.
Up 30 yuan / ton, an increase of 0.
06%.

South Reserve East China Electrolytic Copper: 46310 yuan, down 110, the month's premium quotation: 70 to 90, flat
.
Shanghai copper opened lower on the day and recovered
slightly before the midday stop.
The activity of the spot market has rebounded slightly from the previous day, the enthusiasm of holders to ship has increased, and the price is relatively stable
.
The market has appeared a small number of next month ticket quotations, the morning monthly ticket quotation situation is the same as the previous day, flat water copper prices are mainly 70 yuan / ton of premium, a small number of low-priced sources appear in the market; Good copper quotations vary slightly, ranging from 80 to 100 yuan / ton
.
The market cautious attitude is unabated, but the overall performance in the morning is stable and the premium is relatively stable
.

South China Reserve South China electrolytic copper: 46180 yuan, down 90, the month's premium quotation: -90 to -10, up 15
.
Copper prices fell overnight, and holders once shipped at a high price (at -70pc) in early trading, but the downstream desire to receive goods near the weekend was not high; Cargo holders can only continuously reduce premium shipments (-80, -90pc), but the effect is not obvious
.
The main reason is that there are more downstream stocks, and the amount of continued procurement is not much; In addition, the market is still worried that inventories will still increase at the beginning of next week, and traders are not very motivated to move goods
.
Overall, although the premium rose slightly, the overall trading was not as good as the previous day
.

The overall center of gravity of the intraday market moved slightly upward, because after falling to a low level overnight, the bears were not confident that the market would continue to fall, and some withdrew from the market, and copper prices recovered slightly, returning to the 46400 yuan / ton mark
.
However, the global economic weakness is still continuing, copper is difficult to rush high, while the trade turmoil is still fermenting, and the market needs to be vigilant against risks
.