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On Wednesday, Shanghai copper fluctuated downward, the main monthly 1803 contract opened at 52890 yuan, the highest intraday 53150 yuan, the lowest 52470 yuan, the settlement price 52890 yuan, the closing 52710 yuan / ton, the close down 420 yuan
.
In the external market, the LME copper opened higher to $7161 in March, then came under pressure to $7072, and finally closed at $7108, up $25, or 0.
35%.
Before the end of the Spring Festival holiday, it is expected that the pattern of external strength and internal weakness in the nonferrous metal market will continue for a period of time, and Shanghai copper is expected to be weak and volatile
in the short term.
In the market, Guangdong spot 1# copper price was 52940 yuan / ton, up 180 yuan; Yangtze River spot 1# copper price was reported at 52880 yuan / ton, up 260 yuan, copper premium 70-90 liter; Shanghai spot 1# electrolytic copper 52770 yuan / ton, up 200 yuan, flat water copper transaction 52750 up 190 yuan, premium copper transaction 52790 up 210 yuan
.
Spot copper prices rose during the day, holders actively shipped, downstream fears of heights and held a wait-and-see state, traders maintained just need to purchase, and market trading was light
.
Intraday traders favor good copper, and the price difference in the delivery cycle is stable at 270 yuan / ton, and the receipt warehouse receipt is used for delivery
.
The downstream purchase volume gradually decreased, and the transaction volume decreased
significantly compared with the previous day.
Domestic refined copper supply continues to be at a high level, demand is in the seasonal off-season, and the characteristics of oversupply are prominent
.
Near the end of the year, downstream procurement gradually entered the end, but the restriction of scrap copper imports supported copper prices, and copper prices continued to fluctuate range
.
Although the overnight rebound of U.
S.
stocks drove Asian stock markets to generally open higher in the morning, non-ferrous metals also rebounded slightly when the market panic temporarily stopped, but the rally did not last long, Asian stock markets generally opened high and low, panic spread again drove copper prices to hit another low, and the spot market did not improve
.
Overall, the copper market lacks fundamental news as a guide, investors are more risk-aversion, copper prices may continue to follow the overall trend, and it is difficult to show large fluctuations
in the short term.
