echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > May 3 Shanghai copper brief commentary

    May 3 Shanghai copper brief commentary

    • Last Update: 2022-12-10
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    Today's Shanghai copper main 1806 contract opened at 50950 yuan / ton in the morning, and the long position increased at the beginning of the session, and with the short retreat, the copper price rose to 51070 yuan / ton
    .
    After the bulls reduced their positions one after another, copper prices bottomed out, as low as 50,860 yuan / ton, and the center of gravity moved to 51,000 yuan / ton above the daily moving average in the afternoon
    .
    After that, the center of gravity moved up again to the 51030 yuan / ton line, during which it briefly touched 51120 yuan / ton, and then fell back to the shock range as the long position was reduced
    .
    Late trading rose slightly, closing at 51060 yuan / ton, up 70 yuan / ton
    .

    Shanghai copper

    South Reserve East China: the average spot price of electrolytic copper was 50,740 yuan / ton, down 10 yuan / ton; Liter discount quotes, -50 to -30 yuan, down 20 yuan
    .
    In East China, the spot circulation is abundant, and the market is mainly shipped, which suppresses the premium, which is slightly lower than yesterday; At present, the downstream is waiting for the price, buying less on demand, and the overall trading atmosphere is average
    .
    As of the close, the premium copper mainstream trading pair futures contract discount of 20-30 yuan, flat water copper discount 40-50 yuan, wet copper discount 140 yuan
    .

    South China: the average spot price of electrolytic copper was 50,930 yuan / ton, down 90 yuan / ton; The price of the liter discount was 130 to 180 yuan, down 95 yuan
    .
    In Guangdong, inventories fell slightly, and holders still shipped at high prices at the beginning, but some large households cut prices sharply to dump goods, causing the premium to plummet
    .
    Receivers generally hold a wait-and-see attitude, all want to wait for low prices before receiving goods, and the overall transaction is not ideal
    .
    As of the close, the premium copper mainstream trading pair futures contract premium is 170-180 yuan, and the flat water copper premium is 120-140 yuan
    .

    The dollar index fell slightly today, boosting copper prices
    .
    The main force of Shanghai copper as a whole oscillated along the daily moving average and rose
    slightly.
    The upper plate looks below the moving average, touching the 20 moving average upwards, and the KDJ tends to expand
    downward.
    At the same time, after the break, CNN news said: The Sino-US joint statement on commerce and trade will be released on the morning of May 4, Beijing time, China and the United States shake hands and make peace, further strengthen Sino-US cooperation in the field of trade, and revoke or modify a number of trade indicators
    .
    Subsequently, London copper immediately climbed sharply, and it is expected that Shanghai copper will stabilize in the evening, or be driven by the external disk, and pay attention to the trend
    of the external disk.

    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.