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On Tuesday, Shanghai copper rushed back down, unilateral downward on the day, the main month 1811 contract opened at 50780 yuan / ton, the highest intraday 50960 yuan / ton, the lowest 50130 yuan / ton, settled 50510 yuan / ton, closed 50190 yuan / ton, down 590 yuan, down 1.
16%.
In the external market, Apanlun copper fluctuated downward, and the latest quotation of London copper at 15:15 Beijing time was 6188.
5 US dollars / ton, down 51 US dollars, or 0.
82%.
In terms of the market, the domestic spot copper price fell, the Yangtze River spot 1# copper price was reported at 50500 yuan / ton, down 480 yuan, 20 - 40 liters; Shanghai spot 1# copper price was 50435 yuan / ton, down 455 yuan / ton
.
In the spot market, on the first trading day after the month change, the holders have a strong willingness to exchange cash, take the initiative to reduce the premium, and the downstream wait-and-see is less procurement, and the overall transaction performance is light
.
In terms of news, the Bureau of Statistics released data showing that China's CPI in September was a seven-month high of 2.
5% year-on-year, and China's PPI in September was a five-month low of 3.
6% year-on-year.
Some institutions said that the CPI rose significantly in August and September this year, and it is still possible to rise to 2.
5%-3% in the fourth quarter, but the downward pressure on the domestic economy has increased, the PPI has continued to decline, and the inflation trend has diverged
during the year.
China's economic slowdown is expected to weaken the outlook for raw material demand, and copper prices may come under pressure
.
On the whole, with the recent rise in spot prices, the price difference between refined scrap has widened, the source of scrap copper has gradually flowed out, the supply of spot market has increased, showing a high discount situation, and the momentum for copper prices to continue to rise is insufficient
.
At the same time, although the global explicit inventory is still declining, the inventory in the previous period has stopped the downward trend, and the year-on-year increase is obvious
.
Downstream processors are cautious
amid rising copper prices.
