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The dollar index weakened slightly overnight, and China's Caixin manufacturing data closed well, boosting confidence in the copper market
.
London copper maintained a narrow range of shock change little, Shanghai copper main force in the morning continued to rise to stand steady 51,000 yuan support, the current fundamental destocking recovery effect is obvious, although the dollar index in the short term strong, but still maintain the pattern of copper prices rising in the medium and long term, technical pressure is not obvious, it is expected that today Shanghai copper to maintain shock sorting, focusing on the results of Sino-US trade negotiations, it is expected to have a satisfactory result
.
In terms of the market, Shanghai copper showed a shock upward, up nearly 200 yuan / ton from yesterday, the value preservation disk was set back after the holiday, the holder had no choice but to raise the price, the quotation remained at the discount of 30 ~ 10 yuan / ton, even in the second trading session, the overall transaction was weak, the holder did not make any adjustments, even wet copper was also stable around the discount of 100 yuan / ton, PASAR, Bulgaria such imported copper shipments are not much, close to Lufang, ISA and other quotations at the discount of 50 ~ 40 yuan / ton line, After yesterday's partial receipt, the downstream picked up today, and the downstream stopped again, and the main trading contribution came from the replenishment of traders, so the copper transaction was relatively active
.
Today's spot market is characterized by a stalemate in supply and demand
.
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 fine cost price difference 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 overall transaction is more quiet
.
