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On Wednesday, the performance of internal and external copper prices was weak, Shanghai copper current month 1609 contract opened 36990 high 37000 low 36630 settled at 36770, the tail market closed at 36640 yuan / ton, down 440 yuan, down 1.
19%; Externally, as the US dollar continued to strengthen, and the market was cautious about the uncertainty of the timing of the Fed's interest rate hike, short-term commodity prices showed weakness, and London copper was weak and volatile, as of 16:00 Beijing time, the latest quotation of London metal (LME) copper was $4687, down $
19.
On the macro front, the Fed meeting is slightly hawkish, but future interest rate hikes still need to refer to economic data and peripheral economic risks, and the dollar index fluctuates
in a narrow range.
China's economic data in July fell across the board, the market was obviously worried about China's economic prospects, and the downward pressure on the economy in the second half of the year gradually increased
.
Overcapacity in industry, high corporate leverage and excessive real estate inventories are the main factors
dragging down economic growth.
Copper prices continued to fluctuate weakly in the short term, gradually shifting the center of gravity, and maintaining a wide range shock view
in the medium term.
In terms of the market, on August 24, Yangtze River spot 1# copper reported 36790 yuan / ton, down 310 yuan / ton from the previous trading day, with a premium of 30 to 50; Shanghai area 1# electrolytic copper 3670 yuan / ton, down 350 yuan, flat water copper transaction price 36705 yuan down 350 yuan, premium copper transaction price 36740 down 335 yuan; Guangdong spot 1# copper price was reported at 36670 yuan / ton, down 380 yuan; Huatong spot 1# copper price was 36815 yuan / ton, down 310 yuan / ton
.
The recent weak performance of copper prices, the expectation of weak demand in China has made investors uneasy, intraday spot copper quotations fell to a one-and-a-half-month low, downstream bargain bargain stockpile a small amount, transaction situation slightly improved
.
Overall, due to the recent sharp rise in London copper inventories, inducing copper prices to weaken and fall, the market hopes that the domestic market will be supported by buying forces after the fall in copper prices due to the "gold nine silver ten" consumption expectations, but from the current strength of the domestic and foreign markets, the decline led by London copper has not effectively made Shanghai copper resist the decline, and the Shanghai copper position increased by more than 40,000 hands during the week, so that the import window has never been opened
.
To a certain extent, this also reflects that the domestic demand support expected by the market is limited, and copper prices are still under obvious pressure
.
