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Affected by the 200 billion yuan tariff of the Sino-US trade war, the US dollar rose, non-ferrous metals generally came under pressure and fell, and Shanghai copper fell to 48,000 yuan / ton mark
.
In the morning copper market inquiry positive, the holder of the price is strong, the morning market quotation after the premium all the way up, flat water copper from 110 ~ 120 yuan / ton to 130 ~ 140 yuan / ton
.
Good copper from 140 yuan / ton to 150 ~ 160 yuan / ton, under the guidance of traders, low-price sources of goods are actively traded, morning market activity is still high
.
In the second trading session, the high premium made the transaction suppressed, the transaction heat cooled down, the market could receive the goods at a low price, the flat water copper generally quoted a premium of about 120 yuan / ton, the proportion of good copper sources was small, and the quotation maintained a premium of more than
150 yuan / ton.
There are many wet copper goods, especially under the low price dumping of individual traders, only maintaining a premium of 20~40 yuan / ton, weak downstream consumption buying, oversupply pattern, wet copper and flat water copper price difference widened to 100 yuan / ton
.
Copper futures are under pressure, and spot premiums are firm under the leadership of traders, and the market performance period is weak and strong
.
In terms of news, China's manufacturing and non-manufacturing PMIs both fell behind in July, and the August data released on Friday rose double, exceeding market expectations, indicating that the manufacturing industry generally maintained a steady expansion trend, and also slightly eased
worries about the increase in downward pressure on China's economy in the second half of the year.
In terms of downstream demand, cable company orders are relatively sufficient, but for the time being, it is still the accumulation of early orders, and it is currently difficult for enterprises to assess
the expectation of new orders in September and October.
On the whole, before China's new smelting capacity is not put into operation, the spot market is still tight, the US trade war expectations and the expectation of new smelting capacity to suppress the performance of long-term copper prices, there are reports that Trump requires the implementation of 200 billion commodity tax increases on China as soon as possible, that is, immediately after the end of the questioning period on September 5, the US tax on China 200 billion commodities is facing cashing, the domestic financial market may withstand the bearish impact, short-term wait and see is appropriate
.
