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On Wednesday, Shanghai copper opened low and went low, the main monthly 1901 contract opened at 49640 yuan / ton, the highest intraday 49730 yuan / ton, the lowest 49100 yuan / ton, settled 49420 yuan / ton, closed 49350 yuan / ton, down 600 yuan, down 1.
20%.
During the Asian session, London copper ran high, Beijing time at 15:00, the latest quotation of 6192 US dollars / ton, up 22 US dollars, or 0.
37%.
In terms of the market, Shanghai spot copper quotations were at 49350-49360 yuan / ton, down 455 yuan / ton, and for the 1812 contract, up 130 yuan / ton - 270 yuan / ton
.
The market transaction is more active, the price of good copper is still high, but some import sources have begun to be released one after another, but it is still not enough to suppress the price decline, good copper rose 240 in the morning has been rising to about 270, flat water copper supply abundant brands are also more
.
In the industry, the CEO of Chilean miner Antofagasta said that he is cautious about the short-term impact of the ceasefire in the Sino-US trade war on copper prices, but believes that this is a positive signal
for the market.
However, Arriagada believes that the copper market in the medium to long term has a bright outlook due to increased consumption
.
In terms of news, before China's new smelting capacity is not put into use, the spot market is still tight, in addition, due to the interference of foreign refined copper production capacity, the short-term supply of refined copper around China is still tight, and China's refined copper supply is relatively loose, but the current smelting capacity still has not reached the peak, or it is difficult to make up for the interference of foreign refining capacity; Short-term copper prices are still resilient, but the expected release of smelting capacity in China will accelerate after the copper concentrate processing fee is reached, so this limits the impact
of smelting capacity disruption on copper prices.
The market maintained a normal trading state during the day, and the price of good copper was higher due to the very shortage, and the price was quoted at 230-240 in the morning, and then the price remained high
.
Flat water copper wet copper trading is better, and the price remains stable
.
The short-term market will rebound as a whole, but after the continuous rebound, the high price has become unstable, copper is significantly weaker and falling, the disk correction continues, and then it recovers, and copper, zinc and nickel are expected to remain volatile
.
