August 8 Copper Market Brief Review

Today's Shanghai copper main force moved positions, in the morning driven by the overall recovery of the market has rebounded, as of the close of the day Shanghai copper main 1910 contract 46510 (+420, +0.
91%)
.
On the news, Chile's state-owned copper company said that copper production in the first half of the year fell by 12.
1% year-on-year, and concerns about tight copper concentrate supply continued
.
On the macro side, the recent market risk aversion is still there, but in the absence of more bearish news to continue to release, Shanghai copper will gradually return to fundamental guidance, short-term copper price momentum is temporarily lacking, and the technical rebound continues to be limited
.
It is expected that copper prices will still maintain a range-bound trend in the near future, waiting for the fundamentals to return, there is a certain favorable space in the medium term, the range is 4.
63-46,700, it is recommended that the range operation is the mainstay, and the downstream can be properly stocked
.

South Reserve East China electrolytic copper: 46460 yuan, up 290, the monthly discount quotation: 50 to 90, flat
.
Today's Shanghai copper rebounded sharply and rose, traders were afraid of high receiving sentiment was not high, the transaction was not smooth enough, and the morning market was weak; The mainstream quotation of flat water copper was basically the same as yesterday, reporting a premium of 60 yuan / ton, the receiver hesitated, the price pressure sentiment was high, but the willingness of the cargo holder to adjust the price was not strong, and the two sides were deadlocked; Good copper quotes were flat from yesterday and continued to stabilize at high levels
.
The premium copper was 80-90 yuan for the month, flat; flat water copper premium 50-60 yuan, flat; Wet copper premium 10-20 yuan, up 5
.

South China Electrolytic Copper: 46360 yuan, up 290, the month's premium quotation: -70 to 0, flat
.
In the morning, the holder of the goods shipped at a high price, Pingshui copper reported -40, -50 yuan / ton, the discount was about 20 yuan narrower than yesterday, traders did not recognize the narrowing of the discount, and it was difficult
to trade at a high price.
After the price of the holder was weak, they successively lowered the discount shipment, and the flat water copper fell from -60 yuan to -70 yuan / ton, and concentrated on -70 yuan / ton transaction
.
Good copper reported +0 yuan / ton, but the receiver wants to continue to lower the price, a small amount can be discounted 10 yuan / ton to trade
.
Overall, the recent downstream procurement is acceptable, the holders want to narrow the discount, but the source is not lacking, the discount is still difficult to narrow, good copper due to the existence of speculative space, the price is firm, and the flat water copper price difference remains 60-70 yuan
.