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On Wednesday, Shanghai copper was weak and volatile, the main monthly 1811 contract opened at 47310 yuan / ton, the highest intraday 47870 yuan / ton, the lowest 47200 yuan / ton, settled 47560 yuan / ton, closed 47730 yuan / ton, down 20 yuan, down 0.
04%.
In the external market, Apanlun copper fluctuated to the upside, and the latest quotation of London copper at 15:40 Beijing time was 5917 US dollars / ton, up 37 US dollars, or 0.
63%.
In the market, the domestic spot copper price fell slightly, and the Yangtze River spot 1# copper price was reported at 47900 yuan / ton, down 30 yuan, and the premium was 60-80; Shanghai spot 1# copper price was reported at 47875 yuan / ton, down 25 yuan / ton
.
In the spot market, the source of imported goods is relatively abundant, traders receive goods at low prices actively, downstream transactions remain rigid, and the overall transaction performance is
acceptable.
The supply of goods in the spot market within the day is still more, the market's receiving capacity is insufficient, but the price is lowered rapidly, and the high monthly difference in the next month makes the spot quotation fluctuate greatly, and the good copper rose 50 in the morning and then lowered all the way down to around 20, and the import source was more abundant
.
On the macro front, at present, domestic confidence in the direction of economic development is insufficient, the impact of the trade war has begun to be reflected, and there are doubts about the old way of maintaining stability by increasing leverage and infrastructure, but from the actual effect, it is still expected to achieve marginal improvement
.
At present, the main suppression of domestic confidence is the worsening trade war, and the US initiative to restart negotiations may bring about a short-term recovery period
.
In terms of industry, Chile's copper production reached 3.
31 million tons from January to July, an increase of 10.
8%
over the same period last year, according to the Chilean Copper Commission (Cochilco).
After the domestic market structure remained fully elevated for more than a month, the strong support for spot was obvious, only because Trump's threat to expand sanctions suppressed confidence in long
.
Resuming negotiations may drive copper prices to continue to rebound, but do not overly expect, it is feasible to buy at a low level, and medium-term bulls still need to be cautious
.
In the short term, Shanghai copper low is not afraid of bearish continuous white line, support is very strong, short-term will continue to rebound, a small amount of buying
.
