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London copper rose slightly on Tuesday, analysts believe that the market corrected the copper price that fell for months, copper prices hit a four-month low to stimulate low buying, but the current copper market fundamentals and news are generally bearish, will weaken the height
of copper price rebound.
In terms of spot, the downstream digestion of inventory process continues to advance, due to high inventory in the short term is difficult to have results, domestic spot source circulation is more, excess is still obvious, with the recent slight stop of copper prices rebound, holders increase shipments, price willingness is still strong, downstream demand has warmed up, but downstream copper manufacturers are worried about the market repeatedly still insist on digesting their own inventory, downstream bargain absorption letter continues to be weakened
.
South Reserve East China quotation: the average spot price of electrolytic copper was 44930 yuan, up 180 yuan; Liter discount quotation, 30 to 60 yuan, up 15 yuan
.
In East China, the holders actively quoted, the market spot supply is still abundant, the current copper premium discount has hardly changed during the day, and the downstream favors low-priced sources, and the overall transaction is
acceptable.
The premium copper mainstream trading pair futures contract premium 50-60 yuan, flat water copper premium 30-40 yuan, wet copper discount 20-30 yuan
.
South China Reserve quotation: the average spot price of electrolytic copper was 44940 yuan, up 160 yuan; Liter discount quotation, 30 to 90 yuan, up 5 yuan
.
In Guangdong, the morning holders are cautious in their quotations, downstream and traders can inquire about prices, and low-priced goods are quickly transacted; By the second trading session, some merchants were reluctant to sell, the market circulation was reduced, and the spot premium rose
slightly.
The premium copper mainstream trading pair futures contract premium 80-90 yuan, flat water copper premium 20-50 yuan
.
In the scrap copper market, the supply of goods continues to be in short supply, users said that there is a general shortage of stock, copper prices rebounded slightly, holders waited for the opportunity to ship, the mentality of selling is still obvious, downstream users are generally cautious due to environmental protection supervision, a small number of orders purchased, market procurement is not good
.
Today, China released April CPI data back to the "1 era", PPI fell for the first time month-on-month, the impact on copper prices is more limited, the dollar interest rate hike is almost a foregone conclusion, the dollar strong pattern remains, the morning metal turned red across the board, the low rebound momentum has improved, the international situation or heating up again, limiting the rise in copper prices, Shanghai copper opened in the morning at 44900 yuan in the line sideways operation, technical bearish factors are still gradually strengthening, the rally may be unsustainable, domestic funds continue to tighten, downstream consumption although it continues to digest inventory, However, the total inventory is large and difficult to digest in the short term, and it is expected that Shanghai copper will fluctuate
weakly in the range of 44800-45200 yuan.
Pay attention to changes
in macroeconomic trends.
