Copper is under pressure and the upside is weak, and the market is stalemated again

In terms of the external market, Apanlon copper opened at 5956 US dollars / ton, and the copper price slowly rose to a high of 5979 US dollars / ton in the morning, and then the center of gravity has been stable around 5970 US dollars / ton, until entering the European market, the beginning of the session is still around the daily moving average oscillation, but then LME copper stocks announced an increase of more than 6,000 tons, the fundamental bearish sentiment quickly pushed copper prices down, bulls closed their positions at a high level, and copper prices tested 5937 US dollars / ton
.
As of 17:30, London copper was at $5943.
5 / ton, down 0.
24%.

In terms of the market, Shanghai electrolytic copper spot reported a premium of 20 yuan / ton ~ 80 yuan / ton of the monthly contract, and the trading price of flat water copper fluctuated in a narrow range between 46840 yuan tons, and the center of gravity remained around 46900 yuan / ton until the
afternoon.
In the afternoon, the disk first maintained a volatile finishing trend, and the center of gravity remained around
46860 yuan / ton.
It then fell slightly to the lowest level of 46,780 yuan / ton in the day, and recovered at 46,860 yuan / ton
at the end of the session.
It fell 90 yuan / ton, down 0.
19%.

Shanghai copper continued the shock pattern and continued to sort
out around the 46,800 yuan / ton.
Morning market holders quoted a premium of 20~80 yuan / ton, flat water copper premium of 20 yuan / ton took the lead in ushering in a wave of positive trading, the transaction was acceptable, and then the price of flat water copper generally rose to around 30 yuan / ton; Good copper tried to follow, but good copper stopped at the premium of 90 yuan / ton, although there is a quotation, it is difficult to have a general transaction, most of the concentrated trading in the premium 70-80 yuan / ton, the downstream buying is weak, wet copper quotation maintains a discount of 40 ~ discount of 20 yuan / ton range oscillation
.
Following the previous day's traders under-priced receipt, although traders still have the willingness to receive goods but it is more difficult to have room for price reduction, most of the holders are unwilling to ship at a low price, although the market is actively inquiring, but the actual transaction is weaker than the previous day, the market activity is also lower than the previous day, and the market is obviously deadlocked again
.

The overall performance of Shanghai copper during the day was volatile, mainly due to the weakening of the market's expectations of the Fed's interest rate cut, the dollar rushed to the 97.
5 mark, and copper prices were under pressure and weakened
.
The trend of crude oil stabilized, further paying attention to the contradiction between the United States and Iran, and the latest EIA crude oil inventory changes, forming a guide
for the further trend of copper prices.