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    Home > Chemicals Industry > New Chemical Materials > Inventories are still on the low side, and there is still support at the bottom of copper prices

    Inventories are still on the low side, and there is still support at the bottom of copper prices

    • Last Update: 2022-12-26
    • Source: Internet
    • Author: User
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    On Wednesday, Shanghai copper ran at a high level, the market was warm during the day, the main monthly 2212 contract opened at 65900 yuan / ton, the highest intraday 66740 yuan / ton, the lowest 65820 yuan / ton, settled 65330 yuan / ton, closed 66580 yuan / ton, up 1250 yuan, or 1.
    91%.

    During the Asian session, the low level of London copper rose straight up, and the latest quotation at 15:01 Beijing time was 8104 US dollars / ton, up 50 US dollars, or 0.
    62%.

    In terms of the market, the price of domestic spot copper rose, Yangtze River spot 1# copper 66840 yuan / ton, up 450 yuan, discount 20-liter 20; The Yangtze River Comprehensive 1# copper price was reported at 66870 yuan / ton, up 460 yuan, with a discount of 30-90 liters; Guangdong spot 1# copper price reported 66900 yuan / ton, up 470 yuan, discount 40-liter 160; Shanghai spot 1# copper price was 66800 yuan / ton, up 520 yuan
    .

    In the spot market, merchants' quotations and shipments decreased, downstream cautious wait-and-see was the mainstay, in the face of high prices, the willingness of receivers to receive goods was general, and the overall trading volume was flat
    .
    The macro atmosphere is warm, the US dollar index is weak, and risk appetite is heating up, which is positive
    for copper prices.
    Coupled with the disruption of overseas mines, the premium soared, the domestic policy margin was good, and short-term positive news gathered, and Shanghai copper closed strongly higher, refreshing a more than four-month high
    .

    Fundamentally, the epidemic has affected downstream demand, insufficient motivation for enterprises to replenish stocks, and increased supply, resulting in a marginal increase in domestic inventories, which will limit the upside
    of prices.
    However, total global inventories remain low and are expected to form a bottom support
    for copper prices.

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