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June 16 Shanghai copper morning review

 Last Update: 2022-12-02
 Source: Internet
 Author: User

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Overnight, the Shanghai copper 1608 contract gaped to open at 35890 yuan / ton, after the opening in the Fed meeting before the announcement of the results of the cautious trend, copper prices fluctuated back, and finally Shanghai copper closed at 35740 yuan / ton, up 570 yuan / ton, down 14036 lots
.
Overnight Shanghai copper high opening is weak, it is expected that Shanghai copper will operate
within 35500 yuan / ton to 35850 yuan / ton today.

Shanghai copper

Market: On June 15, Shanghai electrolytic copper spot reported flat water - premium 70 yuan / ton, flat water copper transaction price 35340-35430 yuan / ton
.
Yesterday was the last trading day before the 1606 delivery, and the current copper premium changed
with the rise and fall of the basis of the next month.
Downstream continues to wait for post-delivery dip opportunities, and holders are eager to overreport premiums after delivery
.
The intraday market conditions fully showed the pre-delivery characteristics, although the quotation was enthusiastic, but the transaction was light
.

In terms of stocks: As of June 8, the previous Shanghai copper inventory reported 182338 tons, a sharp weekly decrease of 28,657 tons, the twelfth consecutive week of decline, and the decline further expanded, close to the low set on December 31 last year, with a cumulative decrease of 212439 tons or 53.
8%.

Overnight, the main force of Shanghai copper jumped higher, closing up to 35740 yuan, while the Federal Reserve kept interest rates unchanged and the US dollar index fell under pressure, which was conducive to higher base metals
.
It is recommended that the Shanghai copper 1608 contract can be backed above 35,300 yuan, with an entry reference around 35,650 yuan, and a target of 36,500 yuan
.

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