November 7 Shanghai Copper (78500, -860.00, -1.08%) market dynamics: Today, Shanghai copper is sluggish, and the market maintains a weak trend.
November 7 Shanghai Copper (78500, -860.00, -1.08%) market dynamics: Today, Shanghai copper is sluggish, and the market maintains a weak trend. The opening price of the main month 2412 contract was 76060 yuan/ton, the highest price was 76680 yuan/ton, the lowest price was 75520 yuan/ton, and the closing price yesterday was 77470 yuan/ton. Today's closing price was 76480 yuan/ton, down 990 yuan, a drop of 1.28%. The main 2412 contract of Shanghai Copper had a daily trading volume of 130402 lots, an increase of 7153 lots, and a position of 155120 lots, a decrease of 10272 lots.
Copper price statistics of Changjiang Copper Network: Today, the domestic spot copper price plummeted. The spot price of Changjiang No. 1 copper was reported at 76,450 yuan/ton, down 1,380 yuan, with a premium of 140-180, up 20 yuan; the comprehensive price of Changjiang No. 1 copper was reported at 76,375 yuan/ton, down 1,380 yuan, with a premium of 30-140, up 20 yuan; the spot price of Guangdong No. 1 copper was reported at 76,340 yuan/ton, down 1,370 yuan, with a discount of 50-150, up 30 yuan; the price of No. 1 copper in Shanghai was reported at 76,340 yuan/ton, down 1,390 yuan, with a premium of 10-90, up 10 yuan.
Analysis of the copper market of Changjiang Nonferrous Metals Network: During the Asian session, London copper fluctuated higher, and the upward range of the disk expanded. The latest quotation at 14:57 Beijing time was 9,469 US dollars/ton, up 148 US dollars/ton, an increase of 1.58%.
The consumption trend in the spot market has warmed up. The holders are unable to support the price and have turned to price reduction to sell goods for cash. The downstream has actively entered the market when the price fell. A large number of replenishment waves have emerged in the market, driving the market trading heat.
The dust has settled on the US presidential election. Trump was re-elected and pushed the US dollar to a high point in nearly five months, which has a great negative impact on the non-ferrous and precious metals markets. The copper futures market has been under pressure from capital selling and fell. As of 15:00 on the same day, it closed down more than 1.2%. At present, both supply and demand are weak. Although the supply of minerals is tight, it has not yet been transmitted to the smelting link. The processing fee is still at a low level, the supply of scrap copper has increased, and the growth rate of refined copper production has slowed down in the fourth quarter. In terms of demand, the spot premium is at a low level, the Shanghai Yangshan copper premium continues to decline, and the refined copper rod operating rate has declined, indicating the current weak demand, which has a certain suppression on the rebound of copper prices. In addition, the current consumer mentality is cautious, and the wait-and-see pattern occupies the dominant pattern, which is difficult to drive the copper price to strengthen. In the future, we will continue to pay attention to the macro situation, whether the Federal Reserve can cut interest rates as scheduled, and whether China's important policy meetings can bring more guidance. In terms of operation, you can try to lower the price and place long orders when there is bad news.