echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > Bulls are returning one after another, and the short-term copper price rebound pattern is good

    Bulls are returning one after another, and the short-term copper price rebound pattern is good

    • Last Update: 2022-12-07
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    On Monday, the main 1802 contract of Shanghai copper opened at 53320 yuan / ton, the center of gravity of copper prices moved up at the beginning of the session, and then around 53455 yuan / ton narrow consolidation, in the afternoon bulls successively increased their positions to enter, copper price center of gravity went up another step, the center of gravity ran around 53600 yuan / ton, the high to 53680 yuan / ton, and finally closed at 53650 yuan / ton, up 770 yuan / ton
    .
    During the day, the center of gravity of Shanghai copper moved up, closing out the long white line, or will wait for the guidance of London copper and continue the high running trend
    .

    Copper prices

    In terms of external trading, London copper opened at 6838.
    5 US dollars / ton, after the opening of London copper around the daily moving average near a narrow consolidation, the second trading session of the Asian market, London copper's center of gravity rose, the high touched 6863.
    5 US dollars / ton, into the European session, London copper after the high fell back, as of 17:32, London copper reported 6822.
    5 US dollars / ton
    .
    During the day, London copper rushed high and fell, and the upper moving average was arranged, forming a certain resistance
    to London copper.

    In terms of the market, the low level of copper in Shanghai returned to more than 53,000 yuan / ton, and the market highlighted the stalemate between supply and demand
    .
    Morning market holders quote good copper premium 60-70 yuan / ton, flat water copper quotation premium 20 ~ 30 yuan / ton, but the market is lack of interest, few transactions, helpless can only reduce the quotation to good copper premium 50 yuan / ton, there are still few favorites, flat water copper holders in order to seek a transaction low profile to flat water can have some transactions
    .
    After the copper price rebounded, the downstream stopped, the spot rose up, but the price difference in the next month was 60~80 yuan / ton, suppressing the speculative window of traders, and the intraday market transaction was suppressed
    .
    In the afternoon session, the transaction of flat water copper is still better than that of good copper, flat water copper is more active near the discount of 10 yuan / ton to flat water, and the quotation of good copper is stable, the premium of the holder refuses to decline, the market trading is deadlocked, flat water copper reported flat water - 20 yuan / ton, good copper reported 30 yuan / ton - 50 yuan / ton, the transaction price was 53420 yuan / ton - 53550 yuan / ton
    .

    In terms of copper scrap, copper prices since the end of last week to stop falling and rebound, copper market trading gradually improved, according to copper rod factories, downstream users in recent days to purchase copper rod enthusiasm has increased, orders have improved, bids basically follow the market quotation, but in the raw material procurement sector is not smooth, holders ask for high prices, profits are compressed
    .
    At present, due to the tight supply of recycled copper, coupled with the recovery of copper prices, the bullish atmosphere in the market is heating up, and recycled copper holders are generally supplied, so the current price difference between electrolytic copper and recycled copper has narrowed
    again.
    The supply of recycled copper in the Qingyuan market is also tight, and the asking price of cargo holders is high
    .
    Affected by environmental factors, the import approval of recycled copper next year is expected to tighten, and the supply is tight
    .

    In terms of news, China's Caixin manufacturing purchasing managers' index (PMI) in November fell slightly month-on-month and hit a five-month low, but the output index rose for the first time in four months, and the factory price index expanded for six consecutive months, the market was quite boosted, coupled with the overall trend of the intraday market was strong, and the three varieties of the price limit led the overall nonferrous metal to rebound
    slightly.
    After a sharp correction last week, bulls have returned one after another, and the copper market has a good rebound pattern in the short term, and Shanghai copper is expected to be strong and volatile
    .

    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.