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On Thursday, the main contract of Shanghai copper 2004 opened at 45300 yuan / ton in the morning, first tested 45380 yuan / ton after the opening, and then fell slightly, and the center of gravity fluctuated between 45310-45350 yuan / ton; In the afternoon, the opening copper price edged up to 45390 yuan / ton, and then the price was weak, the center of gravity of copper prices still hovered between 45360 yuan / ton, and the end of the session fell slightly and closed at 45320 yuan / ton, up 40 yuan / ton, or 0.
09%.
In terms of external trading, the Asian market opened at $5703 / ton in the morning, boosted by the European Central Bank's interest rate cut last night, and the center of gravity maintained a high of $5720 / ton in the morning, and there was a brief surge at the end of the Asian session, but soon began to decline during the European session
.
Due to the current spread of the epidemic caused by the global panic temporarily eased, copper prices soon fell to the $5700 mark, hovering
tentatively.
As of 17:30, the price of London copper was 5705.
5 US dollars / ton, an increase of 0.
18%.
In terms of the market, Shanghai copper was sideways at 45150 yuan / ton, with a volatility of less than 50 yuan / ton
.
In the morning, the holder reported a discount of 110 ~ discount of 90 yuan / ton, flat water copper discount of 110 yuan / ton was the first to be traded, flat water copper slowly raised the quotation, and then flat water copper discount 100 yuan / ton, good copper maintained at discount 100 ~ discount 90 yuan / ton, flat water copper favor is higher than good copper, wet copper supply is abundant, is still imported low-end copper is more concentrated, superimposed downstream performance stop, impact to wet copper slightly lower to discount 230 yuan / ton
.
At present, there is a divergence between market supply and demand, traders favor low-priced sources but difficult to suppress prices, good quality and low-priced flat water copper is favored by market buying, the transaction is still led by traders, following the previous day's individual traders concentrated on receiving goods, intraday trade activity and plate performance is more consistent, cautious and deadlocked
.
In the afternoon, the performance characteristics of the plate and the pattern of the spot market did not change significantly, flat water copper continued to discount 110-100 yuan / ton, good copper discount 100-90 yuan / ton, the transaction price continued to cross 45040-45090 yuan / ton
.
Shanghai copper continued to maintain a volatile pattern during the day, and the rally was difficult, mainly because the current epidemic continues to spread abroad, foreign central banks have cut interest rates in response to the impact of the epidemic on the economy, following the Fed's 50 basis point interest rate cut, the Bank of Canada followed by the same rate
cut.
However, due to the nature of the sudden interest rate cut, which reflects the substantial impact of the epidemic, copper prices reflect flat, continue to maintain a volatile pattern, and it is difficult to have upward momentum
.
