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Overnight, the main 1908 contract of Shanghai copper opened above the 47,000 yuan / ton mark to 47,020 yuan / ton, and then at the beginning of the session short-term high of 47,050 yuan / ton, bears took advantage of the high to enter the market, copper prices all the way down, giving up yesterday's daytime gains, until the end of the session to test the low of 46550 yuan / ton, after the short-term low, copper price performance stopped falling, closing at 46650 yuan / ton, down 0.
53%
overnight.
Due to the recent impact of imported copper into the domestic market, the market is abundant, but the willingness of holders to sell is not strong, and yesterday's rising market prices inhibited some transactions, and the market performance was deadlocked
.
Today's market price retreat, which is expected to continue to help holders to stand firm
.
It is expected that today's Shanghai copper 46300-46800 yuan / ton, spot premium 60-liter 120 yuan / ton
.
In the spot market, holders have a strong willingness to ship for cash, but the inquiry atmosphere is light, the supply is abundant, the consumption is weak, the speculation is cautious, the trade flow is greatly reduced, and the characteristics of oversupply are obvious
.
Although China announced new measures to stimulate economic activity, investors expected copper demand to pick up due to increased investment in infrastructure construction, the trade dispute continues, limiting the momentum of copper price rebound
.
Driven by the favorable policy of special bonds can supplement project capital, the overall market sentiment picked up yesterday, and also gave a certain boost to domestic infrastructure investment, but China's new economic stimulus measures for copper consumption brought a limited direct pull, copper price recovery is more from the market's signal expectation of stable growth and counter-cyclical policy heating, and there is a certain time lag in the implementation of infrastructure policies, the current market lacks directional guidance, and spot copper prices are expected to stabilize
today.
