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On Wednesday, the main contract of Shanghai copper 1912 opened at 47380 yuan / ton in the morning, fell to a low of 47290 yuan / ton after the opening, and finally rebounded to around 47320 yuan / ton, until the end of the midday, the center of gravity of the afternoon plate briefly maintained stability, near the close, U.
S.
crude oil rushed back down, mainly due to the surge in crude oil API inventories, the market was further worried about the demand side, superimposed on the US crude oil trade for the first time in 40 years to achieve a trade surplus, intensifying the pressure of OPEC production cuts, copper prices linked lower, the market fell to 47170 yuan / The lowest tonne was the lowest in the day, closing at 47190 yuan / ton, up 30 yuan / ton, or 0.
06%.
In terms of external trading, Apanlon copper opened low at 5939.
5 US dollars / ton in the morning, and the overall fluctuation after the opening was not large, as the market gradually digested last night's macro favor, the morning amplitude did not exceed 15 US dollars / ton, and the noon test was 5942 US dollars / ton
.
Then into the European market, the center of gravity of copper prices moved down below the daily moving average, due to the recent market concerns about crude oil demand, oil prices performed weakly, coupled with the US dollar recently in a recovery channel, dragging copper prices to give up some of the gains, the center of gravity down around $5920 / ton, down $5915.
5 / ton
.
In terms of the market, the overnight Shanghai copper rush was hindered, and the center of gravity moved up above
47200 yuan / ton.
Copper prices are higher, superimposed on high premiums, inhibiting downstream goods, morning market holders continue yesterday's aggressive quotation premium 100 ~ premium 130 yuan / ton, more than 100 yuan of premium traders are difficult to buy, after a period of deadlock holders are forced to lower the quotation, flat water copper adjusted to about 90 yuan / ton, good copper rarely changed, holders rely on the willingness to raise prices, maintain at 110 ~ premium 120 yuan / ton range, but the activity is significantly reduced compared with the previous two days, downstream maintenance of rigid demand, wet copper maintained at 20 ~ premium The premium is 40 yuan / ton range
.
Copper is rising, trade speculation activity is low, and there is no profit margin
due to high premiums.
However, the recent easing of funds, the cost of funds has declined, and the import ratio has declined, the import window has been closed for half a month, and whether the subsequent import window can be opened still needs continued attention, from the perspective of traders, there is still a willingness to receive goods, but the holders are not willing to over-reduce the increase in the range, and the recent transaction may return to a stalemate and
tug-of-war.
In the afternoon, the market continued to maintain a stalemate, with high prices inhibiting market transactions, and quotations were firm at a high premium level, and the market's willingness to receive goods was not high
.
The overall trend of the daily market is a high decline, but from the recent macroeconomic point of view, the PMI data of European and American countries and the domestic PMI data are generally good, coupled with the recent recovery of trade atmosphere, copper prices still have a chance
.
Shanghai copper closed negative on the day, and the upper part has broken through the 10-day moving average, testing whether Shanghai copper can further cover the gap and break through 47300 yuan / ton
.
