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Today's Shanghai copper 1707 main contract in the morning showed a sideways weak operation, the overall trend is weak, entrenched below the integer level of 45,000 yuan, long and short funds alternately leading, technical copper market bearish factors failed to release, pay attention to whether Shanghai copper can effectively fall through the 5-day moving average of 44900 yuan important support, if it falls below the support again, copper prices may fall back again, it is expected that Shanghai copper in the range of 44800-45000 yuan weak shock
.
On the macro front, due to the weak import data in China at the beginning of the week and the still sluggish demand, China's copper consumption demand concerns have frustrated market confidence, although the international situation shows cooling, but the Fed interest rate hike is almost a foregone conclusion, the market is gradually digesting risks, and the recent strong pattern of the US dollar is difficult to change
.
In terms of the market, due to the surge in inventory last week, the domestic market circulation continues to increase, although the downstream digestion of inventory process continues to advance, but the high inventory data puts the market under obvious pressure, the excess situation is still prominent, with the recent weak operation of copper prices, market confidence is suppressed, the willingness of holders to hold up the price is still strong, downstream demand improvement is not obvious, because of the fear that copper prices will pull back again still insist on digesting their own inventory-based, procurement and stocking confidence is general, today Guangdong electrolytic copper trading premium rose again, supply and demand are light, The market is even more deserted
.
South Reserve East China quotation: the average spot price of electrolytic copper was 44890 yuan, down 70 yuan; Liter discount quotation, 20 to 70 yuan, up 5 yuan
.
In East China, holders actively quoted, the intraday market spot supply is abundant, the current copper premium is almost unchanged from yesterday, the downstream is more wait-and-see, supply and demand are slightly deadlocked, and the transaction is weak
.
The mainstream trading of premium copper is about 60 yuan for futures contracts in the month, 10-30 yuan for flat copper, and about 20-40 yuan for wet copper
.
South China Reserve quotation: the average spot price of electrolytic copper was 44940 yuan, down 40 yuan; The premium is quoted at 70 to 110 yuan, up 25 yuan
.
In Guangdong, the inventory fell to less than 40,000 tons, the morning holders were reluctant to sell at a high price, the market circulation was general, the low-price flat water copper supply was tight, and the downstream inquiry was acceptable, but the high premium water limited the transaction, the supply and demand were slightly deadlocked, and the overall transaction was average
.
The premium copper mainstream trading pair futures contract premium 90-110 yuan, flat copper premium 70-80 yuan
.
In terms of copper scrap, the market supply continues to be in short supply, users said that there is a general shortage of stock, the weak trend of copper prices has hit the market to buy gas, holders hold goods and wait and see, the mentality of selling is still obvious, downstream users are generally cautious due to environmental protection supervision, a small amount of stocking, market transactions continue to be sluggish
.
