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On Wednesday, the Shanghai copper low finishing, the end of the decline narrowed, the main month 1810 contract opened at 47480 yuan / ton, the highest intraday 47520 yuan / ton, the lowest 47040 yuan / ton, settled 47270 yuan / ton, closed 47510 yuan / ton, down 470 yuan, down 0.
98%.
Asian market, London copper shock consolidation, Beijing time 15:51 London copper latest quotation of 5842 US dollars / ton, up 2 US dollars, or 0.
03%.
In the market, domestic spot copper prices fell, Guangdong spot 1# copper price was 47640 yuan / ton, down 620 yuan; Yangtze River spot 1# copper price reported 47680 yuan / ton, down 600 yuan, premium 210 - premium 250; Shanghai spot 1# copper price was 47650 yuan / ton, down 585 yuan / ton
.
In the spot market, holders shipped at high prices, premiums rose again, downstream wait-and-see sentiment heated up, some investors were bearish on the future market, and the overall transaction performance was light
.
In terms of news, St.
Louis Fed Bullard said that most colleagues believe that there is a high possibility of raising interest rates in September, and the expectation of interest rate hikes may keep the dollar strong; China's Caixin service PMI 51.
5 in August was a 10-month low, Caixin composite PMI 52 was lower than the previous value, the overall macroeconomy is still in a downward trend, while global trade frictions show no signs of cooling, copper prices are under pressure to rebound difficult
.
Industry:
1.
Peru's copper output in July fell 5.
2% year-on-year to 195,000 tons
.
A company owned by Russia's Alisher Usmanov holding said Tuesday it had begun construction of a large mining and metallurgical plant
at the Udokan copper mine in a remote region of eastern Siberia.
With total copper reserves of about 26.
7 million tons, the mine is the largest undeveloped copper deposit in Russia and one of the
largest in the world.
Intraday Shanghai copper hit a new low for the year, and the main contract closed at 47510 points, down 0.
98%.
On the plate, the copper price rebound at the end of the day is insufficient, it is difficult to make up for the gap, and the bears are still dominant
.
The decline was mainly affected by the panic caused by market concerns about the sublimation of the trade war, while the US manufacturing data recorded highs, supporting the strengthening of the US dollar to continue to pressure copper prices
.
The macro level continues to guide copper prices, which are expected to remain weak
.
