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On Monday, the main contract of Shanghai copper opened at 47550 yuan / ton in the morning, and the opening was the highest level of the day at 47640 yuan / ton, and then the market confidence was insufficient, and the bears increased their positions a lot, until the center of gravity in the second trading session fluctuated around 47450 yuan / ton, and opened in the afternoon, the center of gravity briefly sat around 47450 yuan / ton, then moved slightly up to 47500 yuan / ton, and closed at 47430 yuan / ton, up 70 yuan / ton, or 0.
15%.
Externally, Apanlon copper opened higher at $5911.
5 / ton, due to the favorable sentiment in Sino-US trade over the weekend, copper prices rose to $5927 / ton
in the morning.
But the news was quickly digested, and Brexit is still pending, the market is expected to be extended to next year, the dollar rushed higher, the overall center of gravity of copper prices showed a downward performance, and moved down near
the $5900 mark at noon.
Until entering the European market, copper prices rose short-term at 5920 US dollars / ton at the beginning of the session, and quickly fell back to 5893 US dollars / ton
.
As of 17:10, London copper closed at $5,900/ton, down 0.
14%.
In terms of the market, Shanghai copper high open low in the morning market blocked 47400 yuan / ton line, morning holder quotation held at flat water ~ premium 30 yuan / ton, but when the copper price is high plus all VAT tickets are stopped, it is difficult for the downstream to have the willingness to enter the market to receive goods, and traders' willingness to receive goods is in the case of a large discount level, lack of trading, the overall quotation has loosened down, good copper adjustment to 10 ~ liter 20 yuan / ton nearby, flat water copper discount 10 yuan / ton, the transaction has improved slightly, wet copper source is stable at 40 ~ discount Discount 30 yuan / ton range
.
Traders intend to receive goods at more discounts, while holders have not increased the price reduction and are eager to exchange cash, good copper and flat water copper have little price difference, buyers and sellers are deadlocked and tug-of-war is obvious, and the spot trade trading atmosphere is difficult to improve
for the time being.
Due to the rapid receipt of discount goods by the market, it is difficult to see discount quotations in the spot market in the afternoon, and most of the holders currently have no financial pressure, so they are unwilling to reduce prices and shipments, and the overall performance of the market is firm but deadlocked
.
The overall performance of Shanghai copper in the day was high and low, the main reason is still short-term OPEC production cut optimistic news was digested, the market is still dominated by the weak macro situation, coupled with the current Brexit obstruction, aggravating market risk aversion and concerns about the European economy, copper prices to maintain a stable high level of weakness
.
Copper prices have recently been mainly affected by the tight supply of raw materials, and their performance has fluctuated at a high level, but macro weakness has limited the upside of copper prices
.
