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Today's Shanghai copper weak operation, the main month 2210 contract opened at 62700 yuan / ton, the highest intraday 62840 yuan / ton, the lowest 61990 yuan / ton, settlement 63380 yuan / ton, closed 62200 yuan / ton, down 1180 yuan, down 1.
86%.
During the Asian session, London copper gap weak shock, Beijing time at 15:01 the latest quotation of 7934 US dollars / ton, down 195 US dollars, down 2.
40%.
In terms of the market, today's domestic spot copper prices continued to fall, Yangtze River spot 1# copper 6350 yuan / ton, down 590 yuan, premium 550-590; The Yangtze River Comprehensive 1# copper price was reported at 63360 yuan / ton, down 640 yuan, and the premium was 520-640; Guangdong spot 1# copper price reported 63370 yuan / ton, down 690 yuan, premium 490-liter 690; Shanghai spot 1# copper price was 63120 yuan / ton, down 640 yuan
.
In the spot market, the quotations of holders are different, the downstream inquiry is cautious, and under the influence of bearish sentiment, the overall trading atmosphere has become weak, and the procurement demand is average
.
Macro sentiment is weak, the Fed's tightening monetary policy expectations are heating up, non-ferrous metals are under pressure to the downside, and power restrictions to alleviate production capacity are restored ahead of schedule, coupled with the weakness of downstream demand, so the trend of Shanghai copper continues to be weak
during the day.
At present, the main driver of the continuous downward trend of copper prices is the bearish
macro sentiment.
According to the CME Fed, the probability of a 75 basis point rate hike in September is as high as 72.
5%.
In August, driven by strong fundamentals, copper prices rebounded to a high of 64,500, and it is expected that copper prices will switch from fundamentals to macro again
.
This week, the domestic PMI data will be released, and it is expected to remain below the boom-dry line due to factors such as industrial power cuts; Overseas will release the US August non-farm payrolls data, which the White House expects to "cool"
.
From the perspective of expectations, copper prices may continue to be dragged down by weak economic data, and it is difficult to extend the
rebound.
However, short-term fundamental support remains, and downside is limited
.
