Enterprises have gradually entered a state of rework, and Shanghai copper has rebounded

On Tuesday, the main Shanghai copper contract 2003 opened at 45530 yuan / ton in the morning, and after the opening, it fluctuated upward, and the center of gravity hovered between 45560-45670 yuan / ton until the end of midday; In the afternoon, the market continued to step up, and rushed to an intraday high of 45,700 yuan / ton, and fell slightly at the end of the session and closed at 45,580 yuan / ton, up 100 yuan / ton, or 0.
22%.

In terms of external trading, due to the strong overnight U.
S.
stocks brought by the positive overnight, the morning London copper gap opened at 5695 US dollars / ton, the opening stood at 5700 US dollars / ton integer mark, the center of gravity has been stable around 5725 US dollars / ton, until the end of the Asian market short-term rise, 5744.
5 US dollars / ton
.
After entering the European market, London copper first fell and then rose, briefly fell back to the $5717 line and then rose up, again rushed above 5747.
5 US dollars / ton, as of 17:00, London copper reported at 5726 US dollars / ton, up 67 US dollars / ton, up 1.
18%.

In terms of the market, Shanghai electrolytic copper spot contract reported a discount of 90 ~ 50 yuan / ton, flat water copper trading price of 45320 yuan / ton ~ 45380 yuan / ton, and premium copper trading price of 45340 yuan / ton ~ 45400 yuan / ton
.
Although the Shanghai copper turned red during the day, it was still under pressure on the 5-day moving average, and although the center of gravity at the bottom of the contract rose slightly from the previous day, it was still under pressure at the 45,500 yuan / ton mark in a narrow range, and it was difficult to break through
.

Morning market traders are leading the market quotation flat water copper discount 80-70 yuan / ton, good copper discount 60-50 yuan / ton, wet copper discount water about 150 yuan / ton, but the target psychological price of the enterprise who intends to receive the goods is more than 100 yuan discount, under the lack of transaction, traders have no choice but to continue to lower the discount, some Shandong refineries have also joined the dumping team, the largest smell discount of 100 yuan / ton of flat water copper quotation has appeared, good copper is mainly Jinchuan high-purity synchronization can be reduced to a discount of 70 yuan / ton, wet copper has been smelled as low as 180 yuan / ton / tons
.
Consumer processing enterprises still have little willingness to enter the market, traders and refineries are under increasing financial pressure, except for some deliverable warehouse receipts that still have a certain buying attractiveness, most of the remaining brands are difficult to buy, and the transaction is difficult to improve
significantly.
In the afternoon, market sellers are still eager to dump goods for cash, the discount of 100 yuan / ton has become common, good copper passive follow-up, the overall transaction due to the current domestic epidemic restrictions, the overall market transaction shows a state of oversupply
.

Shanghai copper rebounded during the day, mainly because companies have gradually entered a return to work this week, and according to current statistics, the number of new confirmed and suspected cases has not increased significantly, and market confidence has been slightly boosted; However, due to the wave of rework in the past two weeks, the uncertainty of the epidemic is still large, and although Shanghai copper has rebounded, the magnitude is still not obvious
.
Further progress of the pandemic and the impact
on the domestic economy after the return to work remain to be seen.