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Today's Shanghai copper continued to be weak, the market was bleak during the day, the main monthly 2211 contract opened at 62460 yuan / ton, the highest intraday 62540 yuan / ton, the lowest 61950 yuan / ton, settled 62830 yuan / ton, closed 62120 yuan / ton, down 710 yuan, down 1.
13%.
The main 2211 contract of Shanghai copper traded 93,539 lots throughout the day, down 2,960 lots, and its position decreased by 7,197 lots 144949
lots.
During the Asian session, London copper rushed higher and then declined, and the latest quotation at 15:01 Beijing time was 7425 US dollars / ton, down 23 US dollars, or 0.
30%.
Industry news, BHP released the third quarter of 2022 production and sales report, showing that in the third quarter of 2022, copper production was 410,000 tons, an increase of 9% year-on-year and 11%
month-on-month.
The 2023 copper production guidance target remains unchanged at between 163.
5 and 1.
825 million tonnes
.
In terms of the market, today's domestic spot copper prices continued to fall, Yangtze River spot 1# copper 63190 yuan / ton, down 560 yuan, premium 780-liter 820; The Yangtze River Comprehensive 1# copper price was reported at 63070 yuan / ton, down 460 yuan, and the premium was 620-740; Guangdong spot 1# copper price was reported at 62950 yuan / ton, down 1350 yuan, premium 460-660; Shanghai spot 1# copper price was 63,080 yuan / ton, down 500 yuan
.
In the spot market, the premium fell but was still high, and downstream enterprises waited and saw on-demand procurement, bargain replenishment, and the actual transaction was flat
.
Overnight Shanghai copper trend weak, intraday market continued weak downward trend, the Fed still has the expectation of further sharp interest rate hikes this year, suppressing copper prices, superimposed on domestic and foreign copper inventories both increased, spot premium declined, weak transaction win, overall trade sentiment is not good, so that copper prices continue to decline, falling for three consecutive days
.
