Shanghai copper continues its weak trend and waits for the direction to be clear

During the Asian session, London copper fluctuated trend, the latest quotation at 15:01 Beijing time was 9402 US dollars / ton, up 1 US dollar, or 0.
01%.

In terms of the market, today's domestic spot copper prices fell, Yangtze River nonferrous metal network 1# copper price was reported at 68750 yuan / ton, down 710 yuan, premium 240-300 liter; Guangdong spot 1# copper price was 68550 yuan / ton, down 720 yuan; Yangtze River spot 1# copper 68870 yuan / ton, down 660 yuan, premium 360-380; Shanghai spot 1# copper price was 68790 yuan / ton, down 585 yuan
.

In the spot market, the source of circulating goods continued to shrink, the downstream receiving was weak, and the buying sentiment was not good, which inhibited the transaction performance
.
Copper concentrate processing fees continue to rise, copper mine supply continues to recover, and off-season demand concerns heat up, short-term copper prices may be limited
.

In terms of news, domestic refineries resumed production after maintenance, and copper concentrate processing fees continued to rise, coupled with rising inventories and rising demand concerns, copper prices were hindered to the upside, and copper prices fell
slightly.

Spot is close to the month change, spot to the next month still has nearly 100 yuan of water, North China copper discount narrowed to 50, reflecting that North China spot support has been strengthened, pole line start may be improving, another possible factor is the supply of scrap copper shrinkage, scrap copper rod squeeze on consumption weakened
.
Technically, copper prices are stuck in a low range, but spot level support is accumulating, short-term shocks are viewed, waiting for the direction to be clear
.