Shanghai copper hovers at a low level and the shock pattern continues

In terms of macro, the current real problem of the global economy is weak, the fundamentals of non-ferrous metals have not further improved, and the price trend shows the characteristics of the off-season, but although non-ferrous metals are difficult to have a strong impulse and opportunity to break through the previous high, but also do not have the basis for this sharp turn, the future trend is expected to be dominated by wide range shocks, it is recommended that investors see more and move less, temporarily wait and see
.

In terms of the market, the highest premium of spot this week reached, premium 30-liter 170 yuan / ton, imports are small, traders continue to raise prices so that the recent premium continues to rise, downstream fear of heights is heavier, continuous spot premium is an important reason
for supporting the strength of the futures price.

At present, due to the weak fundamentals of copper itself, the supply side is still in a period of continuous expansion, and the demand side is due to a certain decline in the off-season, the early promotion of supplementary funds have been withdrawn, supply and demand have not been seriously imbalanced, their own rise is small, spot relatively high premium There is a small support, temporarily does not have the conditions for a sharp decline, the continuation of the strong surrounding commodities is still likely to drive the supplementary trend
.
Copper prices are expected to maintain a volatile pattern, and it is recommended to wait
and see.