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Overnight, the Shanghai copper 1911 contract opened low at 46880 yuan / ton, after the opening copper price quickly broke through the 47000 integer mark, copper price rose to 47010 yuan / ton, and then around 47000 yuan / ton position shock consolidation
.
At about 23 o'clock in the evening, copper prices began to rise again, and the center of gravity of copper prices moved up to 47120 yuan / ton, and then Shanghai copper was sorted
out near this position.
At the end of the session, copper prices rose sharply, and finally Shanghai copper closed at 47190 yuan / ton, an increase of 0.
68%.
Overnight, the internal and external trading showed a low rebound, and London copper closed at 5793 US dollars / ton, up 0.
67%; Shanghai copper closed at 47190 yuan / ton, up 0.
68%.
Copper prices rebounded
slightly after the decline in copper prices due to the expected recovery of domestic consumption and the continuous decline in inventories, the year-on-year decline in copper scrap imports in August and the market's expectation that the approval of the fourth quarter will narrow.
At present, the center of gravity of Shanghai copper continues to return to around 47,000 yuan / ton, global macro, the weak Eurozone manufacturing PMI data, dragging down the global economy, pushing the US index higher to the 98.
6 mark, the market risk aversion is strong, is expected to be bearish guidance
for the performance of the copper market.
We must be wary of the risk that Sino-US trade uncertainty will aggravate the macroeconomic recession and the global macroeconomic bottom will not appear, and the recovery period will be difficult to determine, which will drag down copper prices
.
Today's focus is on the German business climate index and the US consumer confidence index for September
.
The spot market basically recovered the previous day's decline due to the recovery of plate prices, and it is expected that today's high prices will inhibit market buying, but in the near future, due to holiday consumption expectations and long order buying, holders are still
holding prices.
It is expected that today's Shanghai copper 46900-47300 yuan / ton, spot premium 160-190 yuan / ton
.
