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The market focused on the development of the Sino-US trade dispute, and the mixed sentiment of long and short sentiment made copper prices fluctuate
.
The main 1805 contract of Shanghai copper opened at 50340 yuan / ton, rose to a high of 50650 yuan / ton and then quickly declined, finishing near the 50180 yuan / ton line; As of 10:00 Beijing time, the latest quotation was 50,200 yuan / ton, down 160 yuan, or 0.
32%,
from the settlement price of the previous trading day.
In the external market, London copper closed down $64, or 0.
94%, the following week, closing at $6754.
5 / ton; Today's opening was at $6759/ton, climbing to a high of $6810/ton before slipping; As of 9:57 Beijing time, the latest quotation was 6768 US dollars / ton, up 13.
5 US dollars, or 0.
20%.
On the macro front, U.
S.
President Donald Trump issued a statement saying that in consideration of unfair trade retaliation in China, the U.
S.
Trade Office has been ordered to consider imposing additional tariffs on $100 billion of Chinese imports, but the United States still plans to negotiate
with China on trade.
China then responded that it must take new comprehensive measures, the Sino-US trade war has escalated again, and market panic remains strong
.
In terms of spot, after the cross-month capital relaxation, and into the traditional consumption season, coupled with the VAT reduction benefits continue to extend, traders and downstream are actively entering the market, active inquiry, active buying, small long holiday before the downstream stepped up stocking, spot quotations this week quickly pulled up, fully returned to the premium, from 120 ~ 40 yuan / ton all the way to 70 ~ 100 yuan / ton
.
The trading activity on the last trading day of the small long holiday showed a cooling trend, and the market chasing cautious mood appeared
.
But this week's performance in the goods market has been unusually hot
.
In terms of stocks, global explicit stocks 915819 tons this week, down 7,142 tons from the end of last week; LME copper stocks decreased by 12,325 tonnes to 370,750 tonnes; Shanghai Futures Exchange copper inventories increased by 434 tonnes to 306645 tonnes; Copper stocks in the Shanghai Free Trade Zone fell by 16,000 tons to 448,700 tons
.
Summary: The Sino-US trade war has escalated again, the market panic is still strong, entering the traditional consumption season, traders and downstream actively enter the market, spot premium gradually rebounds, short-term copper prices are expected to stabilize, and the center of gravity continues to rise
.
With the arrival of the traditional domestic consumption season, short-term copper prices are expected to stabilize and the center of gravity continues to rise
.
