August 5 copper market brief commentary

Today's Shanghai copper main contract 1909 opened at 45890 yuan / ton in the morning, opened slightly up and then quickly fell back to 45820 yuan / ton, and then continued to rise to 46090 yuan / ton, and maintained shock finishing around this until the end of noon, the afternoon opening continued to slide to 45890 yuan / ton, and then continued to rise, the end of the session slightly rose and closed at 46060 yuan / ton
.
It fell by 380 yuan / ton, down 0.
82%.

South Reserve East China electrolytic copper: 45910 yuan, down 520, the month's premium quotation: 60 to 90, up 10
.
Shanghai copper fell below the 46,000 yuan / ton mark, spot holders wanted to ship at a high price, but the morning market was not active due to the decline in the market, the market was weak, and there were few transactions; When the flat water copper premium fell to about 60 yuan / ton, the transaction gradually increased, and the situation improved slightly; Good copper prices were relatively stable, and prices also rose
slightly from last week.
Today's overall market has weakened compared with the two days of the first month, and the activity has also decreased slightly, and the transaction volume is average
.
The premium copper rose 80-90 yuan for the month, up 10; flat water copper premium 50-60 yuan, flat; Wet copper flat water 0-liter water 20 yuan, down 5
.

South China Electrolytic Copper: 45810 yuan, down 540, the month's premium quotation: -50 to 20, up 5
.
Shanghai copper fell sharply in overnight trading, and the morning opening remained below 46,000, which will boost downstream purchasing intentions, and holders also have price sentiment
.
Pingshui copper began to report -30, -40 yuan / ton, good copper heard that +20 yuan / ton can be traded, the quotation is scarce, but due to the high enthusiasm of the shipper, sufficient supply, Pingshui copper discount has a trend of continued to expand, after ten o'clock the mainstream report -50 yuan / ton, and there was a transaction
.
During the second trading session, the holders are still shipping, and traders can already buy flat water copper
at a low price of -60 yuan / ton.
Overall, today's copper price fell to a low level, downstream market procurement is acceptable, traders also have long orders for receipt and delivery, overall demand has improved, helpless inventory continues to rise to 50,000 tons, oversupply and lack of speculation space has always suppressed the price of
flat water copper.

Today's copper plunge is mainly due to the continued spread of Sino-US trade conflict sentiment, lack of market confidence, high is difficult to hold, and today's RMB exchange rate broke 7 for the first time, in order to hedge the impact of US tax increases on China, release domestic asset risks, copper prices continue to hover
low.