echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > Macro dominates the market and copper trends are more volatile

    Macro dominates the market and copper trends are more volatile

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

    On Wednesday, the Shanghai copper main 1809 contract fluctuated around the 5-day moving average, and the amplitude increased, closing at 49820 yuan, up 0.
    08%.

    The trading volume of the Shanghai Copper Index increased by 44,808 lots to 443,000 lots, and the position decreased by 2,680 lots to 567,000 lots
    .
    The top 20 domestic long positions in the Shanghai copper 1809 contract increased or decreased by 406 lots to 49591 lots; The top 20 domestic positions were shorts reduced by 165 lots to 55,499
    .

    Copper period

    In terms of the market, Shanghai electrolytic copper spot contract reported flat water ~ premium 50 yuan / ton, flat water copper transaction price 49830 yuan / ton ~ 49910 yuan / ton, premium copper trading price 49850 yuan / ton ~ 49950 yuan / ton
    .
    In the spot market, the premium continued to expand, the holders sold at a high price, the trading was slightly deadlocked, and the overall transaction situation was average
    .

    In terms of stocks, as of July 31, CONEX copper stocks were 206006 tons, down 1,461 tons from the previous day; LME copper stocks were 254425 tonnes, down 1,850 tonnes from the previous day; As of August 1, copper stocks in the previous period were 91,993 tons, down 647 tons
    from the previous trading day.

    Industry news, the negotiation of the Escondida copper mine labor agreement is not going well, the original agreement period has expired, the two sides have not reached an agreement, and the negotiation results are pending
    .
    BHP Billiton plans to stop work for at least 30 days
    because it did not accede to the union's demands.
    Patricio Tapia, the union's first president, said in an interview in Antofagasta on Tuesday that if BHP's negotiations with the union eventually broke down completely, the strike would never be short-term
    .
    At present, the trade unions do not want to strike, but still hope to solve the problem
    mainly through peace talks.

    Overnight news said that China and the United States resumed negotiations, and trade war tensions were suspended
    .
    However, the latest news said that Trump wants to increase tariffs, the trade war has resumed, and the metal market that had been boosted has been hit and fallen
    .
    Fundamentals, affected by the recent copper mine strike, copper prices have some support, repeatedly fluctuating
    at 49950.
    On the whole, the macro side dominates the market, and investors mainly operate in the short term
    .
    It is expected that copper prices will show a weak trend in the short term, and the trading will be temporarily wait-and-see
    .
    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.