echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > Copper prices fell slightly and adjusted around range-bound shocks

    Copper prices fell slightly and adjusted around range-bound shocks

    • Last Update: 2022-12-19
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    On Tuesday, the main force of Shanghai copper opened at 51900 yuan / ton in the morning, and copper prices fell slightly after the open, and then moved sideways around 51780 yuan / ton
    .
    The bulls successively increased their positions and led copper prices to rise slightly to 51950 yuan / ton, but the upward momentum was insufficient, and the market declined, closing at 51810 yuan / ton
    at noon.
    At the beginning of the afternoon, the short flat multi-entry copper price drove the copper price up slightly to the intraday high of 52040 yuan / ton, fell about 200 yuan / ton and then around 51910 yuan / ton a narrow range of shock, the end of the day closed at 51870 yuan / ton, up 500 yuan / ton, up 0.
    97%.

    Copper prices

    In the external market, Apanlun copper opened at 6488.
    5 US dollars / ton, after the opening of Shanghai copper, London copper fluctuated down to 6475 US dollars / ton, and then rose back to 6500 US dollars / ton sideways
    .
    In the afternoon, London copper rushed to 6511 US dollars / ton in the short line, but the upward movement was blocked and the center of gravity shifted
    slightly downward.
    Subsequently, driven by the rise in crude oil prices, London copper tested the intraday high of 6516 US dollars / ton
    .
    As of 17:00, London copper closed at 6507.
    5 US dollars / ton, up 33 US dollars / ton, or 0.
    51%.

    In terms of the market, the low recovery of Shanghai copper around the daily moving average, the upper hindered at 51950 yuan / ton, the morning market holders are high quotations, postponed the previous day's market conditions quotation as high as flat water copper 60-70 yuan / ton, good copper premium 120 yuan / ton or more
    .
    Pingshui copper quotation is stable, quotation rarely waves
    .
    The performance of the good copper market is still very different, ENM remains at a premium of about 80 yuan / ton, CCC-P maintains a premium of 120-130 yuan / ton range, the supply of scarce supply, Jinchuan large plate due to maintenance is basically rare, Guixi market high report to about 140 yuan / ton, wet copper with the market quotation to hold steady at about 30 yuan / ton
    .
    The market maintained its quotation firm, as the shortage of good copper made the price difference between it and flat water copper more obvious, and the holder still held a high premium before the delivery of long orders, but with the imminent outflow of delivery sources, it will be wary of whether it will have an impact
    .
    In the afternoon, the plate tried to rush to the 52,000 yuan / ton mark, although it was blocked to fall but the center of gravity moved up slightly, the spot quotation did not change much, flat water copper remained stable at 60-70 yuan / ton, good copper was slightly loose than the morning quotation, but still above 100 yuan, the quotation premium was 110-120 yuan / ton, and the transaction price rose to 51960-52100 yuan / ton
    .

    Under the danger of a surge in global new crown pneumonia cases, the news of new progress in new crown vaccine research was stimulated by the good news that Shanghai copper rushed higher, and then the center of gravity fell back to the level of 51850 yuan / ton, and copper prices fluctuated around this position during
    the day.
    During the day, EU leaders reached a consensus on an economic rescue package, which also boosted market sentiment
    .
    Shanghai copper closed in the sun, KDJ opening converged, below the 5, 10-day moving average adhesion support, technical point of view copper prices still have upward momentum
    .
    Wait for the guidance of the external disk to test whether Shanghai copper can stand at the 52,000 yuan / ton mark
    .

    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.