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On Thursday, Shanghai copper was weak and volatile, the current month 1706 contract opened 45230 yuan / ton, the highest 45450 yuan / ton, the lowest 44910 yuan / ton, settled 45050 yuan / ton, the tail market closed down 450 yuan, reported at 44920 yuan / ton, down 0.
99%.
China's investor confidence index fell 8.
0% month-on-month in April, investor confidence fell for two consecutive months, copper market is dominated by risk aversion, and short-term Shanghai copper shock is expected to decline
.
In the international market, the "leakgate" incident has continued to ferment in recent days, and the latest polls show that Trump's support rate has reached a new low, or will face impeachment, safe-haven assets have been boosted, and copper prices have continued to fall under pressure
.
As of 15:10 Beijing time, London metal (LME) copper was last quoted at $5549.
5, down $62, or 1.
1%.
Short-term focus on U.
S.
jobless claims last week, U.
S.
Philadelphia Fed manufacturing index
for May.
In terms of the market, on May 18, Yangtze River spot 1# copper reported 44960 yuan / ton, down 410 yuan from the previous trading day, with a discount of 10 to 10 premiums; Guangdong spot 1# copper price reported 44990 yuan / ton, down 410 yuan; Huatong spot 1# copper price was 44985 yuan / ton, down 410 yuan
.
Shanghai area 1# electrolytic copper 44900 yuan / ton, down 400, flat water copper transaction 46020 fell 315, premium copper transaction 45010, down 315
.
Copper prices fell during the day, traders bought at low prices, holders sold at high prices, downstream was mostly in a wait-and-see state, and market trading was light
.
According to industry news, heavy rains and floods in the first quarter of 2017 disrupted the copper mining operations of Zambia's open-pit mine, damaging the output
of Africa's second-largest copper producer.
Zambia's central bank governor Denny Kalyalya said copper production in the first quarter fell 14 percent year-on-year to 166,647 tonnes
.
However, copper export revenues jumped 42% to US$1.
78 billion, helped by a global price rebound
.
At present, the copper market is in the traditional off-season, demand expectations are weakening, and the market mentality is generally empty, which is a drag
on copper prices.
Gradually entering the off-season, most copper-using manufacturers have reported a significant decline in orders, coupled with the environmental impact is still fermenting, so they are still cautious in purchasing, mainly purchasing on demand, and the transaction volume is small
.
At present, there are still not many sources of recycled copper available for trading on the market, and copper prices fluctuate in the low range to aggravate the selling mentality of holders, and they still hold a bullish attitude towards the future market, and it is expected that even if copper prices decline in the short term, the space will be limited
.
