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The macro market is wavering again, the Sino-US trade war reversal superimposed on the Italian political situation has caused the market risk aversion to heat up significantly, but the US dollar interest rate hike is expected to be strong, the US dollar index has reached a new high, the morning domestic base metals closed down across the board, the main force of Shanghai copper fell significantly in the morning, and the closing sharply pulled back to approach the 51,000 yuan mark, the overall weakness is fully displayed, the current copper market fundamentals remain stable, the macro market dominates the copper price trend in the short term, we expect that Shanghai copper today still has the possibility of a pullback, focusing on the follow-up progress of the Sino-US trade war
。
In terms of the market, Shanghai copper under pressure all the way down, holders of the morning market quotation discount of 70 ~ 30 yuan / ton, bargain buying increased, traders led the market transaction, morning market activity is high, a round of receipt led to a rapid increase in quotations to flat water copper discount 50 yuan / ton, good copper discount 10 yuan / ton
.
In the second trading session, under the leadership of individual smelting enterprises, good copper has been raised to flat water quotation, the transaction market conditions are obviously blocked, in the discount of 50 yuan / ton ~ flat water range again deadlocked, before the close of the afternoon market, copper has fallen below 51,000 yuan / ton, good copper has shown a premium of 10 yuan / ton quotation, the transaction is further suppressed
.
Today, the enthusiasm of some downstream bargain hunting replenishment has slightly increased compared with before, and wet copper has been discounted by 130 yuan / ton since the morning market, and has narrowed to 90 yuan / ton
at lunch.
The performance of copper has been inferior to other metals, and the willingness of cargo holders to raise prices has been unceasing, and the characteristics of weak and strong futures have become more and more obvious
.
Scrap copper market, the market supply is obviously in short supply, because the import source can not be replenished, the current holders of high prices and high premium shipments, because the price difference of refined waste continues to narrow, most of the downstream turn to the purchase of high-quality electrolytic copper, conducive to the further increase in consumption demand for electrocopper, because the current premium is too high, downstream shutdown and production reduction phenomenon increases, holders continue to sell, the transaction atmosphere continues to weaken
.
