echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > Copper prices hit the previous low platform and are expected to continue to fall with limited space

    Copper prices hit the previous low platform and are expected to continue to fall with limited space

    • Last Update: 2022-12-08
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    On Friday, the main 1804 contract of Shanghai copper opened at 51870 yuan / ton, the copper price hovered near the opening price at the beginning of the session, and then the bears successively increased their positions into the market, copper prices quickly fell, bulls saw the trend and left the market, copper prices continued to fall, rebounded slightly in the afternoon, and stabilized at 51530 yuan / ton, and finally closed at 51560 yuan / ton, down 600 yuan / ton, the position increased by 7474 hands to 235,000 lots, and the trading volume decreased by 43518 hands to 259,000 hands
    .
    At present, copper prices have touched the previous low platform, and it is expected that there is limited
    room for continued decline.

    Copper prices

    In terms of the external market, London copper opened at 6840 US dollars / ton, after the opening of London copper briefly touched 6858 US dollars / ton, bears entered the market to suppress, London copper from the high quickly fall, and then stabilized around 6820 US dollars / ton narrow finishing, always under pressure on the resistance of the daily moving average, into the European and American session, London copper again tested the daily average, but failed to stand, and then quickly fell below the low of 6800 US dollars / ton to 6784.
    5 US dollars / ton, as of 17:00, London copper reported 6793.
    5 US dollars / ton
    。 During the day, London copper continued to fall, and bearish forces dominated the market
    .

    In terms of the market, Friday is the last trading day of the 1802 contract, the price spread fluctuates greatly in the next month, more active in 320~360 yuan / ton, the market has been more in the next month 1803 contract quotation, good copper discount 270 ~ 250 yuan / ton, flat water copper discount about 300 yuan / ton, wet copper quotation discount around 400 yuan / ton
    .
    The concentration of quotations has been greatly reduced, the market response is little, there are few downstream receivers, traders receive a small number of goods with a large source of discount, market traders have gradually shown the atmosphere of leaving the market and returning home, the number of quotations is getting fewer and fewer, and the market has begun to show the atmosphere
    of the Spring Festival.
    In the afternoon session, the holders completely quoted the 1803 contract, the market trading was cold, the discount was narrowed, the flat water copper newspaper discount 270-250 yuan / ton, good copper newspaper discount 230-200 yuan / ton, the transaction price was 51040-51250 yuan / ton
    .

    South Reserve East China, the average spot price of electrolytic copper was 51140 yuan, down 410 yuan; Liter discount quotation, 20 to 60 yuan, up 40 yuan
    .
    In East China, on the last trading day before delivery, traders are more enthusiastic about trading, because they will basically not trade from next week, and the overall trading atmosphere is acceptable, and the premium is slightly higher
    than yesterday.
    As of the close, the premium copper mainstream trading pair futures contract discount of 250-270 yuan, flat water copper discount 290-310 yuan, wet copper discount 420 yuan
    .

    South China Reserve, the average spot price of electrolytic copper was 51310 yuan, down 420 yuan; The price of the premium is 190 to 230 yuan, up 25 yuan
    .
    In Guangdong, the pre-holiday atmosphere in the spot market is strong, most of the holders and downstream have been on holiday, and only sporadic transactions
    .
    As of the close, the premium copper mainstream trading pair futures contract premium is about 230 yuan, and the flat water copper premium is 180-190 yuan
    .

    For now, the market panic has subsided, and the decline in copper prices has moderated slightly, but overnight LME copper stocks surged again by 21,000 tons, putting pressure
    on copper prices to rebound.
    From the perspective of disk performance, copper prices are suppressed by various moving averages, the center of gravity is gradually moving down, the adjustment has not yet ended, and copper prices may remain weak under
    short-term bearish dominance.
    FYI
    .

    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.