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March 8 Shanghai copper afternoon review

 Last Update: 2022-12-15
 Source: Internet
 Author: User

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Overnight, the main 1905 contract of Shanghai copper opened at 49220 yuan / ton, after the opening of the shock higher, short-term test 49300 yuan / ton, and then due to the short position increase, copper price center of gravity quickly fell back to 49120 yuan / ton around the shock consolidation, during the low 49020 yuan / ton, the initial copper price many times upward to test the daily average, but failed to climb smoothly, the end of the session volatility is weak, closing at 49160 yuan / ton
.

Shanghai copper

The spot market, due to the widening of the market spread today, will continue to stimulate the selling sentiment of holders, but due to the low market recognition of the current absolute price, it is difficult to see enthusiasm for downstream buying
.
It is expected that today's Shanghai copper 49000-49500 yuan / ton, spot discount 140-discount 10 yuan / ton
.

Copper stocks in LME-registered warehouses rose to 120075 tonnes on Thursday, after 116872 tonnes on Wednesday at their lowest level since 2008, or a sign that the LME supply crunch may be easing; Support for metal prices from China's stimulus is also waning, with Capital Economics analyst Ross Stracan saying the stimulus announced this week "will not change the rules of the game" or stop slowing
growth.
Most base metal prices fell, and spot copper prices are expected to continue to fall
today.

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