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Overnight, the main force of Shanghai copper opened at 51750 yuan / ton, and the intraday rushed to 51880 yuan / ton after rushing to 40 antennas and then fell, closing at 51670 yuan / ton
.
The Shanghai index increased its position by 4,000 lots to 444,000 lots
.
Under the negative influence of the continued expansion of the trade war, the position of the internal and external platforms has stabilized, and the short-term support is obvious, but the current domestic off-season, yesterday's outflow of warehouse receipts has increased the spot pressure, the increase of domestic electrolytic copper is obvious, contrary to the high cost of deleveraging the capital to limit the weakness of downstream consumption
.
Pay attention to the progress of the trade war in the short term, and it is expected that the spot discount will remain deadlocked, with a discount of 160-100 yuan / ton
.
In terms of the market, the impact of spot premium attracted inventory backflow suppressed market sentiment, but the cancellation of warehouse receipts also increased, suggesting that there was
a willingness to receive goods at low prices.
The news was temporarily calm, and after the sharp fall in copper prices, attention was paid to the actual consumption situation
in China's downstream stream.
However, trapped in tight funds, terminal consumption is flat, the price fell after the appropriate amount of downstream replenishment, holders are eager to sell money, spot discount maintained at a high level of 170 yuan, coupled with the stock market continues to fall, the market risk aversion is still strong, copper prices continue to be weak and volatile
.
At present, the impact of Sino-US tariffs is mainly reflected in the downstream of copper demand, and the Sino-US trade war will affect the global economic growth rate, so demand concerns are relatively large
.
However, because the supply disruption has not disappeared, especially in the smelting sector, the disruption to supply has somewhat offset the impact of the trade war, and copper prices have given up their previous gains, but it is difficult to fall too much unless the trade war further escalates on a large scale
.
