December 4 Copper Market Brief Review

On Tuesday, the main contract of Shanghai copper 2001 opened at 47130 yuan / ton in the morning, and then the center of gravity quickly fell to around 47100 yuan / ton, and then the center of gravity continued to maintain stability until the end of the afternoon session, and the center of gravity continued to maintain stability around 47100 yuan / ton in the afternoon, with small fluctuations until the close, closing at 47080 yuan / ton, down 150 yuan / ton, or 0.
32%.

The average price of electrolytic copper in Shanghai in the South Reserve: 47150 yuan, down 200, the monthly discount quotation: 110 to 120, up 15
.
The supply of imported copper reduction is relatively tight, the sentiment of holders is higher, the willingness to adjust prices is low, there is no room for price reduction in just need to be purchased, and the market transaction situation is relatively stable
.
Flat water copper maintained at about +110 yuan / ton during the day, the transaction was better, there was a small number of low-price sources, and the quotation of good copper was about +120 yuan / ton, and the price difference with flat water copper was small
.
The premium copper rose 120-130 yuan for the month, up 10; flat water copper premium 100-110 yuan, up 10; Wet copper premium 40-50 yuan, up 10
.

The average price of electrolytic copper in Foshan in Nanchu: 47040 yuan, down 210, the monthly discount quotation: -10 to 40, up 15
.
Recently imported copper inflow is small, Guangdong copper inventory has not changed much, large traders take the opportunity to sell at a high price, and the premium has steadily increased; Coinciding with the decline in futures prices, downstream purchasing desire increased significantly compared with before, and overall, intraday market trading continued to pick up, and the trading atmosphere was better than the previous day
.
This day's premium copper to the current month's premium of 30-40 yuan, up 10; Flat water copper discount 10-20 yuan, up 20
.

During the day, the center of gravity of Shanghai copper moved down, returning to around
47100 yuan / ton.
The main reason is that the global trade situation disturbance continues to ferment in recent days, the United States continues to impose additional levies on the European Union and France, coupled with the recent reappearance of Sino-US trade disturbances, market risk aversion has rekindled; In terms of macroeconomics, due to the poor manufacturing data in the United States, which also triggered global worries about the overall macroeconomy, Shanghai copper was affected by the high level of
decline.
At present, Shanghai copper closed negative, and has fallen below a number of moving average support, MACD red column has shortened, technical higher is still weak
.
Wait for the guidance of the external market to test whether Shanghai copper can continue to hold the 47,000 yuan / ton mark
.