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    Home > Chemicals Industry > New Chemical Materials > Copper prices fluctuate in a narrow range, and the short-term rebound is limited in height

    Copper prices fluctuate in a narrow range, and the short-term rebound is limited in height

    • Last Update: 2022-12-06
    • Source: Internet
    • Author: User
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    On Tuesday, the main force of Shanghai copper 1708 opened slightly higher at 46,000 yuan before falling under pressure, falling to a minimum of 45,750 yuan, after which copper prices fluctuated in a narrow range and rebounded in the afternoon, touching 46,000 yuan for the second time and then falling slightly at the end of the day, closing at 45,840 yuan, up 240 yuan, or 0.
    53%, and index holdings increased slightly by 4,506 lots to 535,000 lots
    .

    Copper prices

    In terms of external trading, LME March copper opened slightly higher at $5728 in the morning, and once fell straight down to around $5696 after a narrow range, and then the price fluctuated and sorted, and the price rose straight in the afternoon, the highest rose to $5735, and fell back to the green before closing, and the Asian market closed at $5712.
    5, down $13.
    5, or -0.
    24%.

    In terms of the market, the market trading in the morning mainstream trading session continues to remain light, the off-season effect gradually strengthens, the current market supply is sufficient, the discount is further expanded, the downstream due to insufficient demand and capital constraints choose to wait and see, the overall procurement and stocking confidence is insufficient, traders are difficult to ship, good copper resources are slightly better to ship
    .
    Among them, C100-C90 yuan / ton, flat water copper C120-C110 yuan / ton, wet copper C150-C140 yuan / ton
    .
    According to the survey results of the Shanghai Nonferrous Metals Trading Center, most traders continue to hold a downward view, and a small number of traders hold a volatile view
    .

    In terms of news, nonferrous baton led the domestic commodity market, except for a slight weakness in Shanghai, other metals have risen significantly, in addition, the continued decline in peripheral LME inventories has also driven Shanghai copper to a strong upward trend, LME copper supported by optimism about the global economy, price center of gravity climbed, previously released surveys showed that Japan's manufacturing confidence rebounded
    in June.
    However, the strengthening of the US dollar limits the price increase, and at the same time, the domestic copper market has entered the off-season, and the short-term rebound is highly limited
    .

    From the perspective of the futures plate, Shanghai copper is subject to the 60-day moving average and 46,000 yuan integer within the day, and the 5-day moving average below is supported, and the short-term or will continue to oscillate above several medium-term moving averages, and continue to pay attention to downstream procurement
    .

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