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July 31 copper market noon review

 Last Update: 2022-12-11
 Source: Internet
 Author: User

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On Monday, Shanghai copper fell to the 50,000 yuan mark after failing to recover in time, bulls were suppressed, the upper 5-day moving average pressure level blocked, Chile's copper miners strike and other good news, still unable to rise, intraday attention to yesterday's
lowest.
London copper is dragged down by Shanghai copper, the morning sideways volatility, above a number of pressure levels, there is no major positive news in the short term, copper market will continue the downtrend, it is expected that London copper will seek support in the range of 6100-6200 US dollars
.

Copper City

In terms of the market, Shanghai electrolytic copper spot contract reported a discount of 20-20 yuan / ton for the month, the transaction price of flat water copper was 49630 yuan / ton - 49700 yuan / ton, and the transaction price of premium copper was 49660 yuan / ton - 49720 yuan / ton
.
Shanghai copper fluctuated in a narrow range above the daily moving average, following yesterday's sharp depreciation of the RMB, today's performance is suspended, imported copper into the market is limited, domestic inventories continue to decline, so that the willingness of holders to control the price of goods is further strengthened, and there is a premium quotation state
at the end of the month.
The morning market quotation is good copper premium 10 yuan / ton, flat water copper discount 30 ~ 20 yuan / ton, discount 30 yuan / ton of flat water copper and 10 yuan / ton of the source of goods was quickly traded, the morning market received enthusiastically, buying interest increased, the holder raised the price at the discount 20 ~ premium 20 yuan / ton
.
Downstream month-end buying was blocked, and wet copper narrowed the most than yesterday, with a discount of about
60 yuan / ton.
Traders are once again leading the market, and if the subsequent supply is not significantly amplified, the holders will push up the water
again.

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