May 23 Copper Market Afternoon Review

Today's Shanghai electrolytic copper spot contract reported a premium of 90 ~ 160 yuan / ton, flat water copper trading price of 46700 yuan / ton ~ 46850 yuan / ton, and premium copper trading price of 46740 yuan / ton ~ 46900 yuan / ton
.
Overnight bears dominated the market, London copper fell below $5,900, Shanghai copper fell to a new low in nearly 3 months, the target is 46,500 yuan / ton, today's copper price is weak running at 46,700 yuan / ton line
.
After the copper crash, the market continued yesterday's high premium quotation, the holder's quotation premium 100 ~ 160 yuan / ton, warehouse receipt outflow, the market is afraid to fall and buy weak, good copper led a slow downward adjustment, good copper quotation to 140 ~ 150 yuan / ton, flat water copper unchanged
.

In the second trading stage, market confidence performance is still weak, and the long order delivery is nearing the end, the high premium has suppressed the market transaction, the quotation of good copper was lowered to 130 yuan / ton, the quotation of flat water copper was raised to 90 yuan / ton and there is room for price pressure, and wet copper maintained yesterday's quotation premium of 20~50 yuan / ton
.
Copper prices fell downstream, spot consumption is weak, holders give up price active shipments, high premium to inhibit market transactions, without the support of long orders, trade activity is significantly reduced, after a period of tug-of-war at a high level, and the plate has not stopped falling, it is inevitable that there will be a continuous
downward trend.