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On Monday, the main Shanghai copper contract 1911 opened at 47120 yuan / ton in the morning, opened first to test the 47150 yuan / ton mark and then slipped to 47060 yuan / ton around the shock finishing, then rebounded to 47150 yuan / ton, the afternoon opening fell sharply, straight through the 46900 mark to 46880 yuan / ton, and then rebounded to 46950 yuan / ton, the end of the session continued to fall and closed at 46870 yuan / ton
.
It fell 260 yuan / ton, down 0.
55%.
In terms of external trading, London copper opened high at 5776 US dollars / ton in the morning, during the Asian session, the morning along the daily moving average back up, up to test the high of 5794.
5 US dollars / ton after being blocked from falling, the overall center of gravity around the daily average of 5780 US dollars / ton to do a narrow range of shocks, until about to enter the European market, due to the recent Federal Reserve has released hawkish remarks many times, boosting the dollar continued to rise, especially in the subsequent release of European manufacturing data is unsatisfactory, the market is more preferred to safe-haven dollars, gold and other assets, The US dollar rose to around 98.
8, and copper prices tested lower at $5718/mt
.
As of 17:30, London copper was trading at $5,730/ton, down $25/ton
.
In terms of the market, Shanghai copper continued to fluctuate in a volatile pattern, hovering at 47,100 yuan / ton
.
Morning market holders still have the willingness to price the price is still in the premium 180 ~ premium 210 yuan / ton, but the supply of abundant, consumption is not strong, the willingness of the holder to exchange cash strengthened, in the market lack of transactions, traders quickly lowered the quotation, flat water copper quotation premium 160 ~ premium 170 yuan / ton, some sources of goods can still be as low as 150 yuan / ton, good copper down to premium 180 ~ premium 190 yuan / ton transaction to improve, wet copper followed the market to lower the quotation, self-premium 150 yuan / ton / The ton was lowered to 120 yuan / ton
.
The number of intraday quotation cash-swappers has increased significantly, but the downstream remains rigid demand, and the transaction is mostly completed by long-term order deliverers, and the market is on the low side, and caution is gradually rising
.
Shanghai copper fell during the day, rebounded slightly in overnight trading, and the main contract rose back to around
47200.
In the latest release of the fourth batch of scrap copper import approvals in the second half of the year, the number of approved imports has been significantly reduced, further enhancing the expectation
of supply contraction in the context of the current tightening copper concentrate supply.
Last week, domestic social inventories continued to decline, bonded zone inventories returned, and this week, under the influence of pre-holiday stocking procurement, inventories may fall further
.
There is still room for seasonal improvement in consumption, and downstream cable factory orders show signs of
improvement.
The fundamentals before the holiday are still good, but there may be a lot of uncertainty in the macro picture, the market trading sentiment may be cautious overall, and copper prices are expected to continue to fluctuate
.
