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Wednesday Shanghai copper main contract 1911 opened at 47030 yuan / ton in the morning, the opening was all the way to the highest level of the day 47130 yuan / ton, a short high immediately declined, the center of gravity fell back to around 47070 yuan / ton, the afternoon bulls continued to leave the market, the plate fell and bottomed out the lowest level of the day 46960 yuan / ton, the end of the session slightly rose and closed at 47000 yuan / ton, down 110 yuan / ton, down 0.
23%.
In terms of external trading, London copper Asia opened at 5777 US dollars / ton, the morning macro bearish news slightly digested superimposed on the current copper market raw material shortage support, copper prices rebounded at a low level, up to 5793 US dollars / ton
at noon.
In the afternoon, copper market bulls closed their positions at a high level, copper price performance fell back in shock, and then the news said that Saudi Aramco resumed crude oil production capacity ahead of schedule, crude oil performance continued to dip, copper prices followed suit, down to a low of 5748.
5 US dollars / ton
.
As of 16:40, London copper was trading at $5,760 / ton, down 0.
36%.
Recent geopolitical factors have led to large fluctuations in crude oil prices, the market prefers safe-haven assets, and copper prices have greater upward pressure
.
In terms of the market, Shanghai copper fell under pressure at 47,100 yuan / ton
.
Approaching the holiday, the holders are mainly hedging inventory, the morning market quotation premium 150 ~ 170 yuan / ton, but the holders show a clear rush to sell goods for cash, in the case of weak transaction and little response, flat water copper took the lead to reduce to about 130 yuan / ton, good copper quotation reduced to 160 yuan / ton
.
But can not stand the rush to become a bunch of small and medium-sized traders, soon flat water copper adjusted to 120 yuan / ton, good copper was dragged down to 140 ~ 150 yuan / ton, the transaction is still difficult
.
In the second trading stage, the market once again appeared a concentrated price reduction tide, good copper quotation premium of 130 yuan / ton still has room for price pressure, flat water copper quotation premium of 110 yuan / ton; Wet copper closely followed the market quotation, and the water premium was reduced to around 60 ~ 70 yuan / ton from the premium water around 90 yuan / ton
.
Downstream consumption holds rigid demand, is basically nearing the end, buying is very limited, there are only 3 trading days left before the holiday, the willingness to cash out is still dominant, risk aversion is gradually heating up, and it may be difficult to control the decline
.
In the afternoon, market quotations continued to leak, holiday expectations have begun to appear, the market is rarely traded, and holders have a strong willingness to dump goods before the holiday, and began to reduce prices
sharply.
In the afternoon, flat water copper reported a premium of 80-100 yuan / ton, a good copper report of 100-a liter of water 120 yuan / ton, and the transaction price was in the range of 47080 yuan / ton - 47180 yuan / ton
.
