Market confidence is insufficient, and it is difficult for copper to stand firm at a high level

In terms of external trading, Apanlon copper opened at 5938 US dollars / ton, after the opening copper price fluctuated in a narrow range around the daily moving average, the overall center of gravity began to slowly fall, and the center of gravity before the European market basically held at 5915 US dollars / ton
.
Then entered the European market, bulls actively closed their positions, copper prices all the way down to 5900.
5 US dollars / ton position, stuck to the lower integer mark, the low has recovered, as of 17:30, London copper reported 5928.
5 US dollars / ton, down 0.
19%.

In terms of the market, the low rise of Shanghai copper was hindered by 46,500 yuan / ton on the first line, the holders continued the price trend of the previous day, the morning market quotation premium 90 ~ 150 yuan / ton, the plate is red, the premium is further up than yesterday, obviously inhibiting the buying interest, flat water copper actively reduced to about 80 yuan / ton, but the proportion of good copper is still small, the willingness to raise the price is still strong, continue to raise the price at about 140 yuan / ton, it is difficult to have room for price
reduction 。 After the market concentrated replenishment on dips on the previous day, copper prices rebounded slightly, the premium was difficult to fall, and downstream and traders returned to a wait-and-see situation under their abundant inventories, and fell into a tug-of-war pattern within the day, which is difficult to show the activity of the previous day
.
With the gradual storage of newly imported copper, the subsequent supply may gradually be relaxed, and it will be difficult and pressure
to raise the spot premium.
In the afternoon, due to the continued light reaction of the market, the sentiment of holders to support prices weakened slightly, and there was room
for price reduction in the market.

Recently, the economic data released by countries around the world at the macro level are relatively light, macro sentiment is pessimistic, and oil prices are also showing a downward trend today, as the market's concerns about economic slowdown exceed the support of OPEC production cut agreement on oil prices, and the downward pressure on copper prices increases in the context of weak demand; From a fundamental point of view, copper downstream consumption continues to be light, supply-side pressure increases, and there is still no positive news
about copper prices.

The overall performance of Shanghai copper continued to decline during the day, closing slightly negative, the upper shadow was under pressure on the Bollinger mid-band, and the lower part lost all moving average support, the KDJ indicator continued to expand bearishly, and it was difficult to support copper prices
.
Waiting for the guidance of the external market, whether Shanghai copper can hold the 46300 yuan / ton mark
.