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    Home > Chemicals Industry > New Chemical Materials > Shanghai copper bottomed out and rebounded, partially cutting overnight losses

    Shanghai copper bottomed out and rebounded, partially cutting overnight losses

    • Last Update: 2022-12-04
    • Source: Internet
    • Author: User
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    Today's Shanghai copper main contract 1704 bottomed out, partially cutting the larger decline recorded overnight, closing at 47760 yuan / ton, down 1.
    3% on the day, up 1.
    from the intraday low of 47100 yuan / ton.
    In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between Shanghai copper 1703 contract and 1704 contract remained stable at 160 yuan / ton, indicating that the forward contract has a strong
    willingness to fall.

    Shanghai copper

    Externally: Asian Lun copper oscillated and rebounded, of which 3-month London copper rose 0.
    79% to 5899 US dollars / ton, partially reducing the larger decline recorded yesterday (-2.
    89%), copper prices fell into the moving average intertwined operation, barely running around M60, that is, 5800 US dollars / ton
    In terms of positions, on February 22, the position of London copper was 321,000 lots, a daily decrease of 1,946 lots, and the decline of Lun copper positions in the past week showed that the enthusiasm of bulls to reduce positions was high

    Macro: The Asian dollar index fell under pressure, falling for the third consecutive day and is now trading around
    For the week ended Feb.
    18, U.
    weekly jobless claims were 244,000, slightly higher than the forecast of 241,000
    In terms of industries, China's refined copper imports in January were 278,240 tons, down 14.
    09% year-on-year, while copper concentrate imports were 1248261 tons, up 6.

    Market: On February 24, Shanghai electrolytic copper spot traded at a discount of 220 yuan / ton - 70 yuan / ton for the monthly contract, and the trading price of flat water copper was 47040-47200 yuan / ton
    Shanghai copper speculators profited, a large number of shipments, now copper discount still shows a downward trend in the day, the market has some warehouse receipts continue to flow out, supply pressure further intensified, but after the copper price retreated, some downstream sporadic into the market to buy, the transaction slightly improved, but due to the market supply pressure, the market receiver is mostly traded at a low price

    The intraday Shanghai copper 1704 contract oscillation fell to 47760 yuan / ton, partly dragged
    down by the decline in China's economic demand.
    In operation, it is recommended that the Shanghai copper 1704 contract can be backed by 47100 yuan / ton above the dip, the entry reference is 47500 yuan, and the target is 48500 yuan / ton

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