November 13 Copper Market Brief Review

On Tuesday, the main contract of Shanghai copper 1912 opened at 47190 yuan / ton in the morning, opened at 47130 yuan / ton, and then rebounded and maintained stability around 47150 yuan / ton, until the end of the day, the center of gravity rose slightly to 47170 yuan / ton in the afternoon and continued to slide to the lowest level of the day of 47102 yuan / ton, closing at 47110 yuan / ton, down 250 yuan / ton, down 0.
53%.

The average price of electrolytic copper in Shanghai in the South Reserve: 47120 yuan, down 40, the monthly discount quotation: 90 to 110, up 10
.
Affected by the lower trading sentiment of cargo holders during the day, the market circulation showed a tightening
of supply.
In the morning market, flat water copper quotations are around +80 yuan / ton, good copper quotations are +100, +110 yuan / ton
.
Due to the small market quotation, the transaction situation of flat water copper is better
.
At about ten o'clock, the holders showed a strong price mood, and the flat water copper premium rose to +90 yuan / ton
.
Although the premium has risen slightly, the overall trading atmosphere is relatively cold, and the transaction is still dominated by rigid demand
.
Affected by the recent steady consumption and little change in premium performance, traders waited for the month to change, and speculation weakened
.
The premium copper is 100-110 yuan for the month, which is flat; flat water copper premium 80-90 yuan, flat; Wet copper premium 20-30 yuan, flat
.

The average price of electrolytic copper in Foshan in Nanchu: 47060 yuan, down 60, the monthly discount quotation: 20 to 70, flat
.
Shanghai copper fell back in overnight trading, down slightly from the previous day, but the spot market still did not receive a significant boost
.
In the morning, flat water copper began to report +30, good copper reported +80, slightly up, but the transaction was more difficult, because the downstream demand was quiet, and the market willingness to receive goods was poor
.
The holder had no choice but to start the rhythm of price adjustment, Pingshui Copper took the lead in lowering it to +20 yuan, and some transactions were lowered to +10 yuan in the second quarter, and the transaction was not easy
.
In addition, there are also a lot of good copper warehouse orders, and the premium is also difficult to rise, and the mainstream premium is about
+70.
Overall, consumption at the beginning of this week was weak, spot trading continued to be sluggish, and the premium was easy to fall and difficult to rise
.

The intraday disk fluctuation range is small, the center of gravity is basically stable around 47100 yuan / ton, mainly because trade optimism has gradually been digested by the market, and OPEC Secretary-General issued an optimistic statement on the 2020 outlook, diluting the market's expectations for OPEC to reduce positions sharply, crude oil fell to around 55.
7 within the day, copper prices were hindered
by the linkage impact.
At present, the market optimism has returned to rationality after digestion, but due to the recent good PMI data of many countries, the global macroeconomic situation has shown signs of improvement, and there are still opportunities
for copper prices to maintain a stable high.