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Yesterday's Chinese economic data release generally exceeded expectations, copper prices were greatly boosted continued to rise, London copper once approached $7,000, Shanghai copper main force in the morning failed to continue the overnight rally, continued to give up yesterday's gains, near the midday close basically returned to yesterday's market, because the current downstream consumption has not significantly improved, coupled with the macro environment expected weakening concerns, downstream digestion inventory pressure and other negative impact, it is expected that today's copper prices remain weak shock, there is no basis
for a sharp rise in the short term.
In terms of the market, because today's market is facing a delivery month, spot discounts continue to expand, supply and demand sides are more active, due to consumption recovery expectations, downstream user stocking continues to increase, copper prices today are basically flat, downstream copper manufacturers most have rigid stock demand, most of the current holders less price shipments, because demand has not seen a significant improvement, downstream still choose to bargain stock, the overall purchase slightly increased, today Guangdong electrolytic copper trading premium sharply raised, holders of prices are still obvious, supply and demand sides deadlocked, downstream procurement willingness is low
。
Scrap copper market, the market supply is obviously in short supply, the current holders are more willing to sell, downstream enterprises after the end of the holiday began one after another, market transactions gradually recovered, downstream in the environmental protection policy continued high-pressure situation under the temporary no obvious procurement demand, the overall transaction is more general
.
