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On Friday, the Shanghai copper main 1804 contract opened at 51870 yuan / ton, the copper price hovered near the opening price at the beginning of the session, and then the bears increased their positions one after another, copper prices quickly fell back, copper market bulls have left the market, copper prices continue to fall, rebounded slightly in the afternoon, and stabilized at 51530 yuan / ton, and finally closed at 51560 yuan / ton, down 600 yuan / ton
.
At present, copper prices have touched the previous low platform, and it is expected that there is limited room for continued decline, and we will continue to pay attention to the changes
in LME copper inventories.
In the market, Guangdong spot 1# copper price was 51310 yuan / ton, down 420 yuan; Yangtze River spot 1# copper price reported 51310 yuan / ton, down 330 yuan, copper discount 180-discount 160; Shanghai spot 1# electrolytic copper 51280 yuan / ton, down 300 yuan, flat water copper transaction 51250 down 310 yuan, premium copper transaction 51310 down 290 yuan
.
Spot copper prices fell during the day, holders continued to quote firmly, the downstream generally entered holiday mode, a few traders were still replenishing at a low level, and the market trading was light
.
Copper prices in Foshan fell slightly, and although the deep plunge in copper prices on Wednesday led to a sharp drop in purchase costs, most manufacturers have stopped work for the holiday as the Spring Festival holiday
approaches.
Therefore, the deep decline in copper prices before the holiday did not affect
market trading.
And even if someone wants to copy the bottom to replenish the goods, the holders have a strong mentality of selling when the big fall, and they are not willing to ship at a low price, they prefer to hold the goods themselves and sell them after the Spring Festival
.
On the whole, the number of pre-holiday materials for downstream copper manufacturers this year is very limited, and it is expected that there will be rigid replenishment demand after the recovery of post-holiday production, coupled with environmental factors, recycled copper imports are expected to continue to decrease, and the problem of supply shortage will exist
for a long time.
Therefore, holders are generally still optimistic about copper prices after the holiday
.
Next week, China officially entered the holiday mode, the market demand is becoming more and more obvious, domestic investors choose to leave the market early, copper prices may maintain a sluggish trend
in the short term.
