October 30 Copper Market Brief Review

On Tuesday, the main contract of Shanghai copper opened at 47480 yuan / ton in the morning, opening at a high level of the day, and then copper prices stepped down, the center of gravity stabilized at 47420 yuan / ton in the second trading session, and fell to around 47390 yuan / ton near the end of midday, and the center of gravity continued to move down slightly to 47360 yuan / ton in the afternoon, and closed at 47340 yuan / ton, down 140 yuan / ton, or 0.
29%.

The average price of electrolytic copper in East China of the South Reserve: 47360 yuan, down 10, the monthly discount quotation: 0 to 20, up 20
.
Shanghai copper fell back in overnight trading, down slightly from the previous day, and the spot market also lacked substantive guidance
.
In the morning, Pingshui copper reported 0-10, good copper reported +20, some low-price discount 10 yuan / ton of Pingshui copper was the first to be traded, and was more favored by the receiver, but the subsequent holders basically concentrated on the Pingshui line, the low-price supply has been less, and the supply and demand sides are
deadlocked.
Overall, the sentiment of holders to support prices is prominent, the premium stops falling and rises, traders take advantage of the low to actively look for discounted sources, and the overall transaction is average
.

The average price of electrolytic copper in South China: 47310 yuan, down 40, the monthly premium quotation: -50 to -20, flat
.
Copper prices change steadily, spot prices have not changed much, in the morning flat water copper reported -40, and there was a transaction, good copper -20 or so, but the willingness to receive goods is quiet, and imported copper sources are relatively cheap, flat water copper still to -50 yuan / ton square began to concentrate on trading, good copper mainstream -20 yuan / ton transaction
.
Overall, spot discounts continue to stop falling and stabilize, but under high inventories and sufficient supply of imported copper, it is not easy to narrow the discount, and the price of holders is weak
.

The intraday market trend is more tired, the center of gravity of Shanghai copper has shifted downward, mainly because investors are still worried about the weak macroeconomic demand, crude oil also continued to fall, and has broken below the 55 mark, coupled with the weakness of recent economic data from many countries, it is more verified that the macro has not improved to continue, copper prices are difficult
to rise.