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On Monday, the main 1907 contract of Shanghai copper opened low at 47780 yuan / ton in the morning, opened higher, and then affected by the external market, the center of gravity performance has shifted down, the overall pressure is 47780 yuan / ton high, after the narrow range of shock finishing around 47750 yuan / ton, bears maintain increased positions, copper price center of gravity moved down again, the first trading session in the morning concentrated trading at 47660 yuan / ton, during the short-term test low of 47620 yuan / ton
。 In the afternoon, copper price performance tested 47710 yuan / ton position, but the high level failed to maintain stability, copper prices slowly fluctuated downward, concentrated at 47670 yuan / ton position, closed at 47660 yuan / ton, down 100 yuan / ton, down 0.
21%.
In terms of external trading, Asian market, London copper opened low at 6112.
5 US dollars / ton in the morning, after opening at 6118.
5 US dollars / ton, as the market digested the favorable remarks of China's trade war, copper prices continued to remain low, after testing 6080.
5 US dollars / ton in the afternoon, the transaction was mainly concentrated around 6093 US dollars / ton, during which there were many short-term dips
.
In the afternoon, copper prices fell slowly, and bulls maintained their positions
.
At the end of the Asian session, at the beginning of the European session, copper prices tried to test the daily moving average unsuccessfully, continued to fall to 6075 US dollars / ton, tested down 6067 US dollars / ton after the price performance bottomed out, as of 17:00, London copper reported 6090 US dollars / ton
.
In terms of the market, Shanghai copper is under pressure and continues to weaken
along the 47,600 yuan / ton line.
Although the plate price weakened, but the next month contract spread widened to 60-80 yuan / ton compared with last week, the morning market holders quoted a premium of 20 ~ 90 yuan / ton, due to the inquiry atmosphere is not active enough, the holder took the initiative to reduce the price in order to seek transactions, good copper took the lead to a premium of 80 yuan / ton, flat water copper then fell to about flat water, the transaction was concentrated in the discount of 10 yuan / ton ~ flat water, good copper fell to a premium of 60 ~ 70 yuan / ton, the transaction improved
.
Approaching the delivery cycle, low-priced sources are attractive, and traders want to receive goods at a low price, but after the spread widens, it may be difficult to expand the discount supply
.
Intraday market transactions are still dominated by traders
.
In the afternoon, the downstream buying situation improved slightly, the bargain replenishment was considerable, and due to the proximity of delivery, the willingness of cargo holders to raise prices increased, so the quotation was raised
in the afternoon.
In the spot market, high premium trading has gradually shown pressure, trader speculators are still market-dominant, the last trading day of the current month's contract, the next month spread will still be the main driving factor, the revival of the market mainly comes from the boost of confidence
.
The escalation of trade tensions between China and the United States has led to the recent sharp drop in metal prices, and copper prices have limited room to rebound until some kind of clear trade consensus is reached between China and the United States
.
