September 27 Copper Market Brief Review

On Thursday, the main contract of Shanghai copper 1911 opened at 47200 yuan / ton in the morning, and then tested the intraday high of 47230 yuan / ton, and immediately slipped after a slight high, the center of gravity fell to around 47160 yuan / ton, and carried out a narrow range of shock finishing until the end of midday, the afternoon plate continued to slide down to the lowest level of the day of 47060 yuan / ton, and the end of the session rose slightly and closed at 47120 yuan / ton, up 70 yuan / ton, or 0.
15%.

The average price of electrolytic copper in East China of the South Reserve: 47240 yuan, up 20, the monthly discount quotation: 70 to 90, down 65
.
Shanghai copper boosted slightly, and the daily high fluctuated
.
However, the spot trading market is still weak, and the premium continues to decline, which is difficult to stabilize
.
There are also a small number of monthly ticket quotations in the morning market, but the following monthly ticket quotations are the mainstay, and the price difference between the two is about
30 yuan / ton.
At the opening, the next month's ticket flat water copper quotation was about 70 yuan / ton, weak trading performance caused the premium to continue to fall, around ten o'clock, flat water copper premium fell to 40 yuan / ton
.
At the opening of the second quarter, the premium fell again by 20 yuan / ton
.
After 11 o'clock, the next month's ticket flat water copper premium fell to near
the flat water.
As the last few trading days before the holiday, the willingness of holders to exchange cash has increased significantly, shipments have increased, and the supply is much greater than the demand, resulting in a rapid decline
in premium.
The market may need to continue until after
the National Day holiday.
The premium copper rose 60-80 yuan for the month, down 45; flat water copper premium 30-50 yuan, down 55; Wet copper water sticker 10-liter 10 yuan, down 65
.

The average price of electrolytic copper in South China: 47170, up 50, the monthly discount quotation: 0 to 30, down 30
.
Entering Thursday, there are only 3 trading days left before the National Day holiday, and holders continue to actively ship for cash
.
In the morning, Pingshui copper began to report +20, good copper +50, +60, based on the monthly ticket quotation, but the market hedging atmosphere is serious, and the downstream market procurement is not ideal, the overall demand is still very weak
.
Holders rushed to cut prices in order to close the deal, and the premium fell
in a stampede.
After ten o'clock, the flat water copper on the market dropped to +0, but the real price quotation has been as low as -30 in the South Reserve, which has undoubtedly fallen to the discounted situation, and good copper is relatively better, +30 can have some transactions, and the overall trading has not improved
greatly.
Overall, downstream stocking is far less than expected, the market is seriously lacking in buying interest, and there is no market for price, even if the holder sharply reduces the price to the discount, it is difficult to be attractive
.

The daily session showed a high retreat, almost falling back to all the gains in the night session, mainly because the current hawkish attitude of Fed officials to the third interest rate cut, the dollar is currently maintaining stability at the high of the 99 mark, weighing on copper prices higher
.
At the same time, the sharp increase in EIA crude oil and refined oil inventories, oil prices under pressure hovered low, which was also unfavorable
for the copper market.
Shanghai copper closed positive during the day, the upper pressure 10-day moving average, MACD still has a green column, technical bearish copper market
.