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Affected by the global stock market plunge and inventories rising again, the metal market generally fell again, London copper continued to consolidate below the $7,000 line, Shanghai copper main force dragged down by the sharp decline in the external market again, once fell to 51330 yuan in the morning support, today's Chinese CPI, PPI data generally closed failed to boost copper prices, in the Spring Festival holiday approaching demand generally weakened, focus on 51,000 yuan support, it is expected that today's copper prices or remain weak, beware of the risk
of further copper prices falling.
In terms of the market, the current overall supply shows that the supply exceeds demand, today's copper price is more weak, with the pre-holiday consumption gradually weakened, downstream manufacturers have generally been on holiday, holders continue to hold up the price of shipments, generally obvious reluctance to sell, some downstream manufacturers low level replenishment actively, but a large number of stocks before the holiday have not appeared, a few still adhere to the adoption of bargains, today Guangdong electrolytic copper trading premium re-adjusted, holders generally hold goods wait-and-see, downstream a few manufacturers to receive goods confidence declined, the overall trading volume is extremely limited
.
Scrap copper market, the market response is little, there are few downstream receivers, market traders have gradually shown the atmosphere of leaving the market and returning home, the quotation is becoming less and less, the market has begun to show the atmosphere
of the Spring Festival.
Under the dual influence of strict environmental protection inspection and scrap seven types of copper policy, supply and demand are obviously deadlocked, and trading is basically stagnant
.