September 7 Copper Market Brief Review

On Friday, the main contract of Shanghai copper 1911 opened at 47590 yuan / ton in the morning, and after the opening, the center of gravity was basically stable at 47550 yuan / ton, close to the low point of the day at noon to test the lowest point of 47330 yuan / ton, and then rebounded slightly, and the afternoon continued to rise to around 47500 yuan / ton, and the end of the session fell slightly and closed at 47450 yuan / ton, up 460 yuan / ton, or 0.
98%.

The average price of electrolytic copper in East China of the South Reserve: 47580 yuan, up 450, the price of the month's discount: 110 to 130, flat
.
Shanghai copper opened high and fell on a daily basis, spot traders inquired actively in the morning, holders shipped enthusiastically, and the market activity was better
.
The premium quotation was unchanged from the previous day, the price remained high and stable, and the holders were willing to reduce the price
.
In the face of high copper prices and high premiums, the market was slightly hesitant, but the overall transaction situation was basically the same as the previous day, which could maintain a relatively good state, and the activity was also improved
to a certain extent compared with the previous day.
The tight supply of goods in the market next week should improve, but the Mid-Autumn Festival holiday is approaching, and the price atmosphere may not change
.

The average price of electrolytic copper in South China: 47540 yuan, up 450, the monthly discount quotation: 80 to 90, flat
.
Shanghai copper continued to rise sharply on Friday, still not conducive to downstream procurement, but holders still have a strong price sentiment
due to falling inventories and optimistic expectations for consumption.
In the morning, flat water copper concentrated at +90, and there was a transaction, good copper supply is loose recently, holders began to take the initiative to reduce the price of dumping, +90 also traded, and the price difference with flat water copper is very small
.
On weekends, holders need to clear their warehouses for cash, and shipments are active, and with the sufficient supply of flat water copper, receivers wait for low-priced supplies, and the transaction falls into silence
.
In order to seek transactions, holders have successively lowered their quotations, and by the second trading session, Pingshui copper has been able to be traded
as low as +60.
Overall, the market has abundant spot supply, and receivers have the willingness to receive goods at low prices, but downstream demand is suppressed, and the overall transaction is not good
.

The center of gravity of Shanghai copper continued to maintain a high level
of 47,500 yuan / ton.
First, the market sentiment eased due to the resumption of a new round of negotiations between China and the United States, and secondly, the market expected the Fed to cut interest rates further, and the dollar fell, which boosted copper prices
.
The market is now waiting for the US non-farm payrolls data and Powell's speech on the US economic outlook and interest rate policy to guide the further movement of the US dollar, which in turn will guide copper prices
.
At present, Shanghai copper closed negative, KDJ indicator trend expanded, the 10-day moving average crossed the 20-day moving average to form a golden cross, the K line entity has stood above the upper Bollinger rail, the technical picture is favorable to the copper market, waiting for external guidance, testing whether Shanghai copper can continue to stand at the 47500 yuan / ton mark
.