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On Wednesday, the main Shanghai copper contract 1912 opened at 47540 yuan / ton in the morning, opening at a high level of the day, and then the bears increased their positions, and the market fell all the way to around 47490 yuan / ton, and the center of gravity remained stable until the end of noon; Shanghai copper rose as a whole at the opening in the afternoon, rising all the way to around 47550 yuan / ton, and closing at 47510 yuan / ton, up 70 yuan / ton, or 0.
15%.
In terms of external trading, Apanlon copper opened high at 5928 US dollars / ton, after the opening the market gradually digested last night's Fed interest rate cut favorable, copper prices held steady at noon around 5910 US dollars / ton, during the period of 5905.
5 US dollars / ton
.
Until entering the European market, copper prices rose again, rushing up to the $5930 mark, because the market expected a larger Fed interest rate cut, the recent low of the US dollar supported copper prices, the European market tested 5933 US dollars / ton, but then the LME announced that copper inventories increased by nearly 20,000 tons, copper prices fell sharply
.
As of 17:10, London copper closed at $5911/ton, down 0.
19%.
In terms of the market, Shanghai copper continued to trade sideways, fluctuating at 47400 yuan / ton
.
Morning market holders quoted flat water ~ premium 20 yuan / ton, the end of the month is coming, the market wait-and-see mood under the transaction is weak, few people respond, flat water copper helplessly reduced to a discount of about 10 yuan / ton, good copper quotation reduced to 10 yuan / ton, the inquiry has increased, the transaction has slightly improved; A large number of wet copper sources of individual large households have flowed out, and the surge in supply has dragged down the quotation of wet copper, and the discount has expanded significantly, and the discount of 40~30 yuan / ton has been reduced to a discount of around
60 yuan / ton.
Copper is trading sideways at a high level, and the market remains cautious on the sidelines; Downstream continues to maintain rigid demand, traders expect to receive goods at a greater discount, and the trade trading atmosphere is still difficult to improve
before the new month.
The market continued to stalemate in the afternoon, and although the price once again showed a discount, there was still a gap with the market's willingness to accept it, and trading was not positive
.
The trend of Shanghai copper on the day first fell and then rose, basically still hovering around 47500 yuan / ton, mainly because the current market is most concerned about the news is the Fed's interest rate decision this week, the market is expected to cut interest rates by 25 basis points, the US index also fell slightly to around 97.
6, which supported the high stability of copper prices
.
