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On Thursday, Shanghai copper opened down in the morning, and closed slightly at noon to stabilize, the main monthly 1812 contract opened at 50140 yuan / ton, the highest intraday 50270 yuan / ton, the lowest 49360 yuan / ton, settled 49770 yuan / ton, closed 49760 yuan / ton, down 360 yuan, down 0.
72%.
In the external market, Apanlon copper maintained a low level, and the latest quotation at 15:00 Beijing time was 6143 US dollars / ton, down 35 US dollars, or 0.
57%.
After the plunge in the US stock market, hundreds of billions of dollars flowed out of global markets, weak Eurozone data and European political tensions weighed on the euro to boost the US index, global stock market pessimism spread, and upward pressure on copper prices increased
.
In the market, the domestic spot copper price fell, the Yangtze River spot 1# copper price was reported at 49610 yuan / ton, down 530 yuan, premium 40-60; Shanghai spot 1# copper price was 49500 yuan / ton, down 570 yuan / ton
.
In the spot market, the downstream wait-and-see sentiment is heating up, the trend of copper prices is not clear, after the copper shock stabilized, just need to purchase, but the transaction failed to significantly increase
.
On the macro front, European and American stock markets plunged again, with funds pouring into the dollar and U.
S.
bonds to hedge safeguards, and the dollar soared
.
The preliminary manufacturing PMI in the eurozone fell back to 52.
1 in October, a 26-month low; US new home sales hit a near two-year low in September, and Trump said he "may" regret appointing Powell as Fed chairman
.
Domestically, the Premier of the State Council said that more measures should be taken to tap the potential of domestic demand and solve the problem
of real economic development in a more targeted manner.
On the market, Shanghai copper opened low overnight, and Shanghai copper rebounded after a sharp fall on the day, falling below the 50,000-point support level at 49,500 points to temporarily stabilize
.
The dollar index rose sharply, and U.
S.
stocks fell sharply, putting pressure on copper prices; The domestic stock market opened sharply lower during the day, and the macro was weak
.
Copper prices are expected to turn weak, mainly affected by the US dollar index and internal and external stock markets before the release of macroeconomic data for the fourth quarter, and focus on the support level
around 49500 in the short term.
