Copper high opening finishing Upside or limited

In terms of the market, the price of domestic spot copper rose, and the price of Guangdong spot 1# copper was 50530 yuan / ton, up 500 yuan; Yangtze River spot 1# copper price reported 50460 yuan / ton, up 530 yuan, premium 80 - 100 liters; Shanghai spot 1# copper price was 50470 yuan / ton, up 490 yuan / ton
.
In the spot market, holders took the initiative to reduce prices and shipments, intraday premiums continued to decline, and the market reduced monthly tickets, limiting the overall transaction
.

In terms of copper scrap, the price of recycled copper in the Foshan market continued to rise slightly today, and the copper price rushed back to buyers who bought goods slightly cautiously, mainly because it is currently on the eve of the Fed interest rate meeting, interest rate hike expectations are high, the US dollar index is expected to rise, which may put pressure on copper prices, and the tight capital at the end of the quarter restricts purchasing power
.
However, it is close to the National Day holiday, and pre-holiday preparations may emerge on Thursdays and Fridays when the news is clear, when copper prices may rise
again.
Therefore, the holder continued to quote
premiums under the condition that the supply was tight.
The supply of recycled copper in Qingyuan market is also in short supply, and the arrival of imported recycled copper continues to decrease, and the current supply of domestic recycled copper is mainly used, but the volume is still relatively limited, and the quality of goods is different than that of domestic goods
.
Watch for the Fed's
rate hike tonight.

According to foreign sources, two sources familiar with the situation said that China's major copper smelters set the lowest price of copper processing refining fee (TC/RCS) in the fourth quarter at 90 cents per ton and 9 cents per pound respectively; The vice minister of commerce said at the press conference of the State Council's new office that China is open to resolving economic and trade differences through consultation and negotiation, but in order for negotiations and consultations to be effective, we must first treat each other as equals and respect
each other.
In addition, the State Council's new office held a press conference on the white paper "Facts on Sino-US Economic and Trade Frictions and China's Position", which intensified market concerns about the trade war or limited the upside
of copper prices.