August 9 Copper Market Brief Review

Today's Shanghai copper main contract 1910 opened at 46650 yuan / ton in the morning, after the opening of the low of 46580 yuan / ton, then short position reduction, the plate continued to rise to the highest level of the day 46720 yuan / ton, due to the lack of market confidence high difficult to stand, and then the plate continued to fall back between 46610-46670 yuan / ton oscillation sorting, the afternoon continued to fall to the lowest level of the day 46470 yuan / ton, and then continue to pull higher, the end of the session slightly pulled up and closed at 46680 yuan
。 Up 310 yuan / ton, up 0.
67%.

South Reserve East China electrolytic copper: 46640 yuan, up 180, the month's premium quotation: 50 to 70, down 10
.
Shanghai copper continued to rise, the market atmosphere continued to weaken in the morning, the stalemate saw characteristics increased, and the wait-and-see mood of receivers increased; Pingshui copper market trading is stagnant, shippers' willingness to adjust is not strong, and market receiving sentiment is low; In the second trading session, the holders were forced to take the initiative to adjust prices, and a large number of flat water copper was shipped at a low price, as low as 30 yuan / ton of first-line transactions; Today, good copper holders took the initiative to ship and adjusted prices positively, and prices fell
to a certain extent compared with the previous day.
Copper premium to the current month premium 60-70 yuan, down 20; flat water copper premium 30-50 yuan, down 15; Wet copper premium 10-20 yuan, flat
.

South China Reserve South China electrolytic copper: 46540 yuan, up 180, the month's premium quotation: -80 to 0, down 5
.
Weekend holders shipped more actively, in the morning flat water copper began to report -50, -60 yuan / ton, but some holders in order to seek transactions, quickly reduced the price to -70 yuan / ton, the transaction part, flat water copper mainstream quotation also moved down to -70 yuan / ton
.
As large households began to ship, the discount continued to loosen, traders all wanted -80 yuan / ton to receive goods, but for a long time did not see the holder adjust the price, still stuck to the -70 yuan line, the trading parties fell into a stalemate, and individual holders who needed to return funds had to ship at a low price
.
In terms of good copper, due to the unsatisfactory premium, most of them are sold or directly delivered, and there is little
circulation.
Overall, the downstream just needs to purchase on the weekend, and the flat water copper discount is still attractive to traders, but the holders are not willing to sell at too low a price, and after the expansion of the sticker, the selling sentiment increases, and the trading parties are
deadlocked.

The overall performance of Shanghai copper in the daily market is a volatile pattern, and the bulls and bears continue to tug-of-war, mainly because the current Sino-US trade tension is gradually digested by the market, coupled with today's release of domestic July CPI data better than expected, which supports the high level of copper prices, but due to the weak macroeconomic situation has not changed, there are still risks
in rushing higher.
Today's Shanghai copper closed in the sun, the upper pressure Bollinger mid-band and the 40-day moving average, the upward resistance is still large, and the technical face of copper prices continues to soar is difficult to say good
.
In the evening, wait for the guidance of the external market to test whether Shanghai copper can continue to stand at the 46,700 yuan / ton mark
.