September 6 Copper Market Brief Review

On Thursday, the main contract of Shanghai copper 1911 opened at 47040 yuan / ton in the morning, and the center of gravity basically remained stable at 47000 yuan / ton after the opening, and then rose to the highest level of 47310 yuan / ton in the day, and then fell slightly to 46900 yuan / ton, and rose slightly at the end of the session and closed at 46990 yuan / ton
.
It rose by 360 yuan / ton, an increase of 0.
77%.

The average price of East China electrolytic copper in South Reserve was 47130 yuan, up 810, and the price of the month's discount was 110 to 130, up 20
.
Shanghai copper rose sharply during the day, and spot premiums remained high
.
Traders inquired positively in the morning, but due to the recent lack of market circulation, the sentiment of holders to support prices remained unabated, and premium quotations continued to rise
.
The market is afraid of heights, traders face high water and price pressure sentiment is obvious, low price transactions are relatively smooth
.
Copper prices have largely suppressed transactions, but due to reduced supply and general transactions, the overall price sentiment of holders is strong, and it is more likely to maintain high premiums in the near future
.
The premium copper rose 120-130 yuan for the month, up 10; flat water copper premium 100-110 yuan, up 10; Wet copper liter 30-40
.

The average price of electrolytic copper in South China: 47090 yuan, up 790, the monthly discount quotation: 80 to 90, up 5
.
Shanghai copper rose sharply, which was not conducive to downstream market procurement, and holders only maintained the previous day's quotation
.
In the morning, Pingshui concentrated on +80, good copper reported +100, there were not many quotation shipments, but traders had low recognition of premiums, hesitated to receive goods, and did not perform well
.
Some low-priced flat water copper was traded at +70, but after consumption, the market has been unified to +80, and good copper is due to the inflow of warehouse receipts leading to increased supply, the transaction is not smooth, the holder has the willingness to reduce the price, and the transaction
is about +80 and +90.
Overall, the high copper price has weakened demand and the transaction is not good, but the supply of flat water copper is still not much, and the holders are determined not to adjust the price
.

The center of gravity of Shanghai copper continued to be at a high level during the day, as it was announced in the morning that China and the United States will restart the 13th round of high-level trade negotiations, and market sentiment was boosted, coupled with the market's expectations for the recovery of the consumer side in recent days, which supported the copper price rise
.
However, at present, the global macroeconomic situation is still weak, and the substantive issue of trade has not been resolved, and we are wary of the decline in the high level of Shanghai copper
.
At present, Shanghai copper is closing in the sun, all moving averages have changed from pressure to support, and have stood above the Bollinger middle rail, and the technical performance is favorable
.
Wait for the guidance of the external market to test whether Shanghai copper can stand at the 47,000 yuan / ton mark
.