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On Monday morning, the Shanghai copper main 1906 contract opened at 49510 yuan / ton, after the opening of the center of gravity showed a volatile downward trend, has fallen below the 49400 yuan / ton mark before the afternoon, narrow range at 49390 yuan / ton line
.
Until the afternoon, the bears continued to enter the market, the center of gravity of Shanghai copper moved down, the price stopped falling and rose at 49330 yuan / ton, but failed to break through the daily moving average, soon dragged down by the decline in the stock market, copper prices fell deeply, straight down to a low of 49110 yuan / ton, closed at 49240 yuan / ton, down 140 yuan / ton, down 0.
28%.
In terms of the external market, the external market is closed for the Western Easter
.
In terms of the market, the external market was closed, and there was a lack of external guidance, and Shanghai copper fluctuated
around 49,400 yuan / ton.
Holders maintained the quotation premium of 30~120 yuan / ton, but the market lacked enthusiasm for inquiry and showed indifference, and the holders took the initiative to reduce the premium to 10~110 yuan / ton, but the transaction was still difficult to boost
.
In the second trading session, traders eager to exchange cash have been as low as 90~100 yuan / ton, and flat water copper has gradually dropped to near
flat water in order to seek transactions.
The supply of wet copper is limited, the quotation is stable at the quotation discount of 70~40 yuan / ton, the downstream performance is not strong, and there is a serious lack of active
buying.
Shanghai copper contracts in the past six months have little room for spreads, under the lack of external guidance, traders' arbitrage space has been blocked, speculation willingness has declined, market participation has dropped significantly, and the performance is calm
.
Spot mainstream trading still maintained the level of last Friday's quotations, and the supply and demand sides continued to stalemate and tug-of-war
.
The afternoon market fell, due to the light market transaction, the holder was forced to reduce the price, so there was a spot quotation and a fall in copper prices, and in the afternoon, flat water copper has appeared a discount source, but there are still few receivers
.
Due to the Easter holiday, the London Metal Exchange (LME) will be closed on
Monday, April 22.
The downward trend of China's stock market dragged down copper prices, and Shanghai copper ran weakly overnight, with the latest closing price of the main monthly 1906 contract at 49160 yuan / ton, down 220 yuan, or 0.
45%.
The economy has started smoothly and there have been positive changes, monetary easing is unlikely in the short term, and RRR reduction is still possible, but it is more of a hedging or structural adjustment nature
.
China may pay more attention to structural reform, the most relaxed period of capital has passed, market enthusiasm has cooled, and spot copper prices are expected to fall
.
