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Today's Shanghai copper trend is weak, the main month 2010 contract opened at 51620 yuan / ton, the highest intraday 51800 yuan / ton, the lowest 50850 yuan / ton, settled 51400 yuan / ton, closed 51650 yuan / ton, down 260 yuan
.
During the Asian session, London copper opened low and went high, and the latest quotation at 15:01 Beijing time was 6624.
5 US dollars / ton, up 42 US dollars, or 0.
64%.
In terms of the market, today's domestic spot copper prices fell, Yangtze River non-ferrous metal network 1# copper price was 51500 yuan / ton, down 640 yuan, premium 70-130; Guangdong spot 1# copper price reported 51430 yuan / ton, down 590 yuan; Yangtze River spot 1# copper price 51550 yuan / ton, down 630 yuan, premium 130-liter 150; Shanghai spot 1# copper price was 51450 yuan / ton, down 690 yuan
.
In the spot market, the willingness of holders to hold prices is not reduced, the supply of good copper is tight, downstream consumption is weak, and the market transaction is light
.
At present, it has not completely walked out of the off-season market, the market is waiting for the demand performance after the arrival of the peak season, the overall optimistic expectations, copper prices below the space is limited
.
Macro-level, copper prices were significantly suppressed due to the excellent performance of the US manufacturing data in August, the US dollar rebounded
strongly.
In terms of supply, Indonesia's Grasberg miners protested against the mine epidemic prevention measures, road closure strikes, and the epidemic situation in parts of South America and Africa is still worsening, supply disruptions have always existed, and the supply of copper concentrate has been limited
.
On the demand side, the domestic economic data is good, and most of the home appliances increased year-on-year in July, which means that infrastructure, real estate, etc.
will be maintained, and terminal demand has begun to recover
.
Overseas, especially in Europe, the economic recovery process continues to stimulate copper consumption
.
On the whole, under the background of macro favorable superimposed supply constraints and continued recovery of demand, copper prices have strong support below
.
However, the short-term strengthening of the US dollar has significantly suppressed copper prices, and strategically, it is recommended to wait and see
for the time being.
