Copper prices are weak and consolidated, and the market is becoming bearish

In foreign countries, London copper opened at 4702 US dollars / ton, during the Asian session, London copper volatility fell to 4682 US dollars / ton, and then rebounded at a low level, returning to the daily average above the shock finishing; Entering the European session, London copper rose slightly, touching 4714 US dollars / ton intraday high, the 40-day line was under serious pressure, copper prices fell again, as of 17:00, London copper reported 4704.
5 US dollars / ton, up 0.
37%.

In terms of the market, last Friday's Shanghai copper continued to lose 37,000 yuan / ton, now copper premium is firm, good copper in the morning reported 100 yuan / ton, flat water copper reported 60 yuan / ton, but due to the lack of demand into the market and showed a slow decline in premium
.
After the start of the second section, it has been reduced to 80-liter water premium 90 yuan / ton for good copper, 50-60 yuan / ton
for flat water copper.
As the market fell by about 800 yuan / ton compared with yesterday, the downstream mentality changed from waiting for low prices to bearish copper prices, so buying intentions have not yet arisen
.
At the same time, the almost unmatched monthly basis limits traders' buying
.
Before the close of the afternoon market, some holders took the initiative to drop the premium, and Pingshui copper has seen a premium of about 40 yuan / ton, which makes the bearish mood stronger and difficult to stimulate buying
.
In the late afternoon, copper has formed an inverted basis in the next month, and the holders are eager to exchange cash, the spot quotation has dropped to a premium of 20-70 yuan / ton, the transaction price is 36580-36700 yuan / ton, and next week's delivery will follow the basis change of the
next month.