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    Home > Chemicals Industry > New Chemical Materials > Base metals are mixed, and Shanghai copper is more resilient

    Base metals are mixed, and Shanghai copper is more resilient

    • Last Update: 2022-12-12
    • Source: Internet
    • Author: User
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    Market review, on Friday, base metals were mixed, the afternoon shock declined, of which the Shanghai zinc 1810 contract continued to fall 1.
    2%, the weakest performance, and Shanghai lead fell closely behind, down 0.
    87% per day, followed by Shanghai copper, the performance was more resistant, slightly down 0.
    per day.
    The Shanghai copper 1810 contract fluctuated at a low level, and the bearish sentiment eased slightly, trading at 48150-47490 yuan / ton during the day, and closing at 47700 yuan / ton at the end of the day, closing the doji
    In the external market, as of 15:12 Beijing time, the three-month London copper was reported at 5887 US dollars / ton, down 0.
    03% on the day, and the upside was weak

    Shanghai copper

    In terms of spot, on August 16, Shanghai electrolytic copper spot reported a premium of 110 yuan / ton - 190 yuan / ton for the monthly contract, and the transaction price of flat water copper was 47980 yuan / ton - 48060 yuan / ton
    The high of the US dollar fell, domestic and foreign base metals recovered the previous day's super large decline, the depreciation of the RMB was suspended, the center of gravity of Shanghai copper rose slightly from the previous day, the market inquiry atmosphere was active, the willingness to receive goods was obvious, and the premium rose rapidly
    In the second trading session, with the downstream market replenishment, the transaction atmosphere was warm.

    The market continues to be under the control of sellers, and it may be reported that the premium will be 200 yuan / ton
    in the afternoon.
    The market may continue to rise at a low level, and buying on the dip may make the futures rise

    On the macro front, the Asian dollar index continued to fluctuate sideways at a high level, now trading around 96.
    52, down 0.
    03% on a daily basis, during which the Turkish lira panic cooled down, and the dollar index suspended its high volatility rally
    Sino-US trade talks are reported to be held
    on August 21-22.

    In the copper market, China's refined copper (electrolytic copper) production in July rose 11.
    8% year-on-year to 732,000 tons
    , according to data from the China Bureau of Statistics.
    The total output from January to July this year was 5.
    093 million tons, a year-on-year increase of 11.

    During the day, the decline of copper futures was suspended, and long and short trading was cautious
    Mainly supported by the high correction and support
    of the US dollar index.
    However, the delay in strikes at Chile's two major copper mines has weighed on copper prices
    Operationally, it is recommended that the Shanghai copper 1810 contract can be sold high and low between 48300-47300 yuan / ton, and the stop loss is 500 yuan / ton

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