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On Wednesday, the Shanghai copper support was volatile, and the price pulled lower after midday, and the main 1911 contract of Shanghai copper closed at 47,000
as of the close of the day.
Europe's poor manufacturing PMI data for September dragged down the copper malaise
.
Shanghai copper explicit inventory is still in a state of consumption, superimposed on the second half of the power grid construction is expected to pick up, concentrate processing fees reduced and scrap copper imports year-on-year reduction, the overall price support is relatively strong, the overall external weak internal strong pattern formed, but the global economic downward pressure is still huge, the domestic industrial data is weak, short-term copper price upward momentum is insufficient, it is expected that the recent range volatility is dominant, pay attention to the support level of 4.
68-47,000 support effect, and the operation is recommended to wait and see
.
The average price of electrolytic copper in East China of the South Reserve: 47220 yuan, down 90, the monthly discount quotation: 130 to 160, down 25
.
The low level of Shanghai copper fluctuated during the day, the spot market transaction was bleak, and the market has already appeared a large number of next month ticket quotations
.
In the morning, the holders still maintained their willingness to hold prices, and the flat water copper premium of the monthly ticket was reported at 170-180 yuan / ton, and the price of the next month's ticket was 30 yuan / ton
lower.
Limited by market demand, market transactions were weak and prices gradually declined
.
At about ten o'clock, the quotation of flat water copper for the monthly ticket has fallen to about 130 yuan / ton, and the price of the next month's ticket has slipped faster, to about
90-100 yuan / ton.
Around eleven o'clock, the price of flat water copper in that month was as low as 100 yuan / ton
.
Recently, intraday premium in the spot market has shown a sharp downward trend, prices are quite weak, and demand is weak
.
It is difficult to significantly increase market demand before the holiday, and the center of gravity of premium is likely to fall
.
Copper was 110-120 yuan for the month, down 70; flat water copper premium 90-100 yuan, down 70; Wet copper premium 60-70 yuan, down 60
.
The average price of electrolytic copper in South China: 47120, down 90, the monthly discount quotation: 30 to 60, down 25
.
The market maintained an active rhythm of shipments, and Pingshui copper began to concentrate at +60, but there were few receivers, and the transaction was very difficult, and the holders had to adjust prices
one after another.
It was not until Pingshui copper fell to +20 or +30 that I heard that the transaction increased, and the good copper was relatively strong, with a transaction of about +60
.
During the second session, the market fell into silence again, even if some flat water copper sources have fallen to the +0 line, the transaction is not smooth
.
In general, the market is mainly based on shipping for cash, and there is a serious lack of buying interest, and holders have no choice but to sell at a sharp price, but it is still difficult to attract goods
.