January 17 Copper Market Brief Review

Thursday's Shanghai copper main contract 2003 opened at 49360 yuan / ton in the morning, after the opening of the center of gravity remained stable around 49290 yuan / ton, then fell slightly to 49230 yuan / ton, the afternoon trend is still stable, the center of gravity basically maintained around 49240 yuan / ton, the end of the session closed at 49200 yuan / ton, down 170 yuan / ton, down 0.
34%.

Guangdong 1# electrolytic copper spot contract reported a premium of 10 ~ 40 liters, and a wet copper discount of 40 ~ 50
.
The average price of 1# electrolytic copper was 49175 yuan / ton, up 45 yuan / ton, and the average price of wet copper was 49100 yuan / ton, up 45 yuan / ton
.
In the spot market, the supply of goods in the morning market remained scarce, and shippers continued to actively raise the spot premium, and the flat water copper reported a premium of 10 yuan / ton, which may be partially transacted, but most of the receivers waited or underestimated the price; Good copper premium is about 40 yuan / ton, and the quotation is also small
.
Due to the relative recovery of market activity after the change of month compared with the previous day, and traders are about to clear up their inventory during the holiday, the supply of goods increased around the second festival period, and the shipper adjusted the flat water copper to a discount of 30 yuan to pursue fast transactions; In addition, the supply of the next monthly pass began to appear within the day, which was about 20 yuan lower than the current monthly pass
.
Overall, there are still few market participants near the Spring Festival holiday, and insufficient quotations lead to rapid fluctuations in transaction prices, but the demand for receiving goods after the change of month increases compared with the previous day, and the trading situation has rebounded
slightly.

Shanghai electrolytic copper spot contract reported a discount of 200 ~ 140 for the month, the transaction price of flat water copper was 48860 yuan / ton ~ 49000 yuan / ton, and the transaction price of premium copper was 48900 yuan / ton ~ 49020 yuan / ton
.
Shanghai copper is sorted
above 49,000 yuan / ton.
Within the day to change the month, the market fully turned to the 2002 contract report, the morning quotation discount 160 ~ discount 130 yuan / ton, but almost no transaction, the holder opened a large number of low-price selling price reduction mode, the discount all the way down, flat water copper down to discount 200 ~ discount 180 yuan / ton, good copper quotation discount 170 ~ discount 150 yuan / ton, market buying reduction, holders of cash willingness to have a strong willingness, all have room for low prices, downstream buying is rare, wet copper once to a discount of 300 yuan / ton low price
。 The Spring Festival is approaching, the market demand is greatly reduced, the willingness to hedge will still increase, and the spot discount will still be under pressure, but the large discount pattern may continue under oversupply, but the discount level of more than 200 yuan / ton has a certain buying attraction
for some trade speculators.

During the day, the trend of Shanghai copper was stable, the center of gravity remained at a high level of 49,200 yuan / ton, the main Sino-US trade agreement was officially released, and the United States said that since February 15, the US 300 billion 4A list tariffs from 15% to 7.
5% officially took effect, Shanghai copper daily trading can maintain stability
at a high level 。 At present, the domestic central bank once again carried out 300 billion yuan of reverse repurchase operation within the day, achieving a net investment of 300 billion yuan, the market cash flow was relatively abundant a few years ago, coupled with the improvement of trade sentiment, the macro view is expected that copper prices are still expected to rise, and from the technical point of view, Shanghai copper closed negative within the day, waiting for external guidance, testing whether Shanghai copper can further rush up and stand at a high level of 49400 yuan / ton
.