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On Friday, the main 1805 contract of Shanghai copper opened at 51650 yuan / ton, after the opening of the copper price center of gravity slightly up, to the daily moving average near the sideways, then the short position influx, copper price gradually moved down, bulls saw the trend to reduce positions one after another, copper prices accelerated down, lost 51500 yuan / ton, directly down to 51110 yuan / ton, at this time some bears took profits, copper prices low back up, but hindered by the 51500 yuan / ton line, copper prices fell again, low to 51100 yuan / ton, the end of the day slightly repaired, It finally closed at 51190 yuan / ton, down 1030 yuan / ton
.
In terms of the external market, London copper opened at 6839 US dollars / ton, at the beginning of the day London copper hovered near the opening price, and then under the drag of short positions, London copper quickly sank, fell below the 6800 US dollars / ton support level and directly tested down to 6777 US dollars / ton, then London copper low rose back to above the daily average of 6827.
5 US dollars / ton, due to the lack of impulse energy, London copper fell again, after entering the European and American session, bulls entered the dip, driving London copper back up, high to 6845 US dollars / ton, fully recovered intraday decline, as of 17 :26, London copper reported 6848.
5 US dollars / ton.
In terms of the market, the copper price of Yangtze River Nonferrous Network 1# was reported at 51080 yuan / ton, down 680 yuan, copper discount 90-discount 30; Guangdong spot 1# copper price was 51150 yuan / ton, down 680 yuan; Yangtze River spot 1# copper price was reported at 511200 yuan / ton, down 670 yuan, copper discount 30-discount 10; Shanghai spot 1# copper price was 51060 yuan / ton, down 690 yuan
.
The copper price in the intraday market did not change much, and after several consecutive days of decline, the copper market showed signs of stabilization, attracting many downstream copper manufacturers to enter the market to inquire and purchase, and the transaction improved earlier
.
Due to the generally low number of materials prepared by downstream manufacturers before the holiday, with the gradual recovery of production after the holiday, manufacturers have rigid replenishment needs
.
However, the holders have a strong mentality of selling and have made significant premium quotations
.
This is mainly due to the continuous shortage of recycled copper supply due to environmental factors, low holdings and difficulty
in replenishment.
Moreover, the continuous decline in copper prices after the holiday caused a loss
of inventory in the hands of cargo holders.
Due to the significant increase in recycled copper, the price difference with electrolytic copper narrowed to the limit, thereby stimulating the market demand for electrolytic copper to increase, and the electrolytic copper discount situation was also eased
.
Recently affected by the weakening of the US dollar and the improvement in spot market demand, copper prices have ushered in a long-term rebound
.
However, the narrowing of spot discounts is less than expected, indicating that consumption has started slowly, and the resignation of US presidential economic adviser Cohen may once again trigger market fears of a trade war, and the copper market is expected to fall into a volatile pattern
again.
