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Overnight, the Shanghai copper 1901 contract opened at 48930 yuan / ton, copper prices fell rapidly after the opening, bottoming out at a low of 48770 yuan / ton, and then copper prices bottomed out and rebounded, quickly touching 49090 yuan / ton, after a narrow range, short positions increased into the market, copper prices fell back to 48900 yuan / ton around narrow consolidation, during the copper price shock rose back to 49000 yuan / ton position, trying to stand firm, but due to the strong entry of bears, eventually still fell back to the daily moving average near the oscillation, closing at 48900 yuan / ton
。
In terms of spot, the downstream feared to fall, the goods were light, investors kept a wait-and-see view on the market, the basis narrowed in the afternoon, traders took the initiative to reduce prices, and holders were forced to lower the premium
.
It is expected that today's Shanghai copper will be 48650-49050 yuan / ton, and the spot premium will be 30-90 yuan / ton
.
In addition, due to the interference of foreign refined copper production capacity, the short-term supply of refined copper around China is still tight, and China's refined copper supply is relatively loose, but the current smelting capacity still has not reached the peak, or it is difficult to make up for the interference of foreign refining capacity; However, China's demand has gradually entered the off-season, and the market is not very ideal for demand, and copper prices are still under pressure on the demand side in the short term
.
