echemi logo
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > Shanghai copper gaping opened high, and the intraday gains continued to narrow

    Shanghai copper gaping opened high, and the intraday gains continued to narrow

    • Last Update: 2023-02-02
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit

    Today's Shanghai copper gap opened high, but the afternoon high fell, the intraday rise continued to narrow, the main month 2301 contract opened at 65760 yuan / ton, the highest intraday 66300 yuan / ton, the lowest 65640 yuan / ton, settled 65640 yuan / ton, closed 65820 yuan / ton, up 180 yuan, or 0.

    Shanghai copper

    During the Asian session, London copper rushed to run high and fell sharply, and the latest quotation at 15:01 Beijing time was 8382 US dollars / ton, down 14 US dollars, or 0.

    Today's domestic spot copper prices rose, Yangtze River spot 1# copper reported 66880 yuan / ton, up 450 yuan, liters 640-680; The Yangtze River Comprehensive 1# copper price was reported at 66830 yuan / ton, up 460 yuan, and the premium was 550-670; Guangdong spot 1# copper price was 66770 yuan / ton, up 460 yuan, premium 450-650; Shanghai spot 1# copper price was 66810 yuan / ton, up 480 yuan

    In the spot market, the supply and circulation are in short supply, the holders are holding the goods and selling them, the downstream enterprises are afraid of heights and caution, the sentiment of the receiving party to take the goods has fallen, and the overall transaction volume has declined
    The weak US dollar coupled with the support of low inventories, Shanghai copper is on the strong side, but the rebound range is affected by sluggish demand and repeated impact of the epidemic, copper prices closed slightly higher
    during the day.

    On the macro front, the US dollar index has recently run weakly, superimposed on the bearish sentiment has been digested, the market risk appetite has improved, and Shanghai copper has stabilized and rebounded, but the rebound range is relatively limited
    。 For the macro aspect, domestic policy expectations have basically landed for the time being, and the return to reality is still relatively grim, making it difficult to raise the valuation of overall risk assets; Overseas, the US CPI fell back to 7.
    1% in November, the core CPI also maintained a continued downward trend, the Fed interest rate meeting raised interest rates by 50BP in line with market expectations, but Powell for the end rate and next year's monetary environment is hawkish, the overall meeting has little impact on asset prices, but believes that the macro main logic is still in inflation
    expectations to suppress copper prices and recession fears driven copper prices.

    This article is an English version of an article which is originally in the Chinese language on 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 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 It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to with relevant evidence.