echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > December 11 copper market morning review

    December 11 copper market morning review

    • Last Update: 2022-12-14
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    The dollar rose sharply overnight, and non-ferrous metals fell under pressure
    .
    London copper fell to close in the negative, closing below
    $6,100.
    Shanghai copper overnight high fell back to close the small black line, trading positions are low, copper market wait-and-see sentiment is strong, today may still continue to test the support around 48700 below
    .
    Shanghai copper has an upper pressure of 50000 and a medium-term uptrend line of 48700
    below.
    A break below support around 48700 could enter a medium-term downtrend to the previous low around
    47000.

    Copper City

    On the macro side, overnight, the British Prime Minister postponed the Brexit agreement vote to restart negotiations, the pound hit a 21-month low, the dollar rebounded, and the colored sector as a whole showed a weak trend
    .
    Domestically, China's broad passenger car sales fell for six months in November, or the first annual sales decline in 20 years, and the market is still short
    on the domestic macro side.

    Fundamentals, LME stocks fell by 1,950 tons to 122,000 tons, LME inventories continued to decline, spot end slightly premium; domestically, spot end premium maintained above 110 yuan / ton, good copper premium continued to expand, upstream price willingness is strong, but downstream consumption is generally weak
    .
    In summary, macro bearish slightly dominant, fundamentals are bullish, copper price selling pressure continues to increase
    .

    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.