December 19 Copper Market Brief Review

Wednesday Shanghai copper main contract 2002 opened at 49170 yuan / ton in the morning, the trend after the opening was slightly weak, the center of gravity slowly downward, until the end of the midday center of gravity fell to 49100 yuan / ton, in the afternoon some bulls lack confidence in the market, continue to withdraw capital exit, the center of gravity continued to slowly decline to around 49000 yuan / ton, the end of the session closed at 49070 yuan / ton, down 180 yuan / ton, down 0.
37%.

The average price of electrolytic copper in Shanghai in the South Reserve: 48970 yuan, up 10, the monthly discount quotation: -40 to -30, flat
.
The morning market weakened compared with the previous day's performance, the circulation of goods increased, although the holders have the willingness to raise prices, but the market is more cautious, the supply and demand sides once stalemated at the flat water copper quotation -40 yuan / ton, only a small number of transactions, a small number of low-priced sources of transactions are relatively smooth
.
The quotation of good copper is around
-30 yuan / ton.
In the second section, some holders were in a hurry to ship, and there was a dumping phenomenon, and the center of gravity of flat water copper rose continued to decline
.
The intraday market is oversupplied, and there have been two consecutive days of high opening and low walking, and the overall trading atmosphere of the market in the near future is weak
.
Copper premium 40-30 yuan for the month, down 10; flat water copper sticker 50 - 40 yuan, down 10; Wet copper sticker 70-60 yuan, up 10
.

The average price of electrolytic copper in Foshan in Nanchu: 49010 yuan, up 10, the month's premium quotation: -20 to 10, down 15
.
In the morning, flat water copper reported a discount of 10 to 10 yuan / ton of premium, the difference is large, good copper + 30 yuan / ton, and the flat water copper of 10 has been partially sold, but the overall is weak
.
After the small demand was satisfied, it soon fell into a state of priceless market, and the flat water copper fell to -20 yuan / ton of transactions
.
In terms of good copper, individual holders offered preferential shipments, reporting +0 yuan / ton to attract transactions
.
Overall, the spot market was relatively bleak, but holders sold when they encountered low prices, and the spot premium did not fall
too much.

The center of gravity of Shanghai copper fell slightly during the day, and the overall stability remained around 49,000 yuan / ton, mainly because the current British election and good trade news was gradually digested by the market, investors were worried about the UK and the EU to reach a free trade agreement before the end of 2020, the risk of hard Brexit increased, the center of gravity of Shanghai copper was affected by the linkage to move downward, superimposed API crude oil inventories continued to increase sharply, reflecting the need outlook worries are still there, the overall limit of Shanghai copper growth
。 At present, Shanghai copper closed the big negative column, ending the 10-consecutive Yang market for the first time, the MACD red column was shortened, the technical surface showed that the impulse momentum was insufficient, continue to wait for the guidance of the external disk, and test the 49,000 yuan / ton mark
.