SMM July 16: today, the spot price of electrolytic copper in Shanghai is quoted as rising water 20 to 50 yuan per ton, flat copper trading price 51080 yuan / ton to 51360 yuan / ton, copper trading price 51090 yuan / ton to 51380 yuan / ton. Today, copper in Shanghai continued its overnight decline, falling more than 1,000 yuan, with a surface area of nearly 51000 yuan / ton. On the first day after the change of the spot market, the holder quoted a price of 30 yuan / ton for Pingshui copper in the morning market, and 40 yuan / ton for good copper. Traders led the morning market to buy actively. Pingshui copper could lower its price to 20 yuan / t, and the delivery volume increased significantly. Some downstream also entered the market to replenish stock after a continuous sharp fall, so the holder quickly raised the price of Pingshui copper to 40 yuan / ton in the second trading session, but the deal was deadlocked. Trading market conditions are not as good as before, good copper is difficult to synchronize with the rise, the degree of market favor is obviously inferior to flat copper; Wet-process copper narrowed slightly to 60 yuan / ton at a discount of 70m / t, and downstream replenishment was significantly better than at the beginning of the week. Today, copper futures in Shanghai fell below the 5-day moving average and pointed to the 10-day moving average, giving up its gains after surging 5% on Monday. Traders showed renewed activity and low rising water attracted them to enter the market. If the market decline slows down, the lower reaches of the market will gradually pick up and rise, and the rising water will show a steady and firm trend before the outflow of delivery sources.

(Chen Ming 021 muri 51595816)