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    Home > Chemicals Industry > New Chemical Materials > Shanghai copper opened low and rushed, strong supply and weak demand, and limited gains were suppressed

    Shanghai copper opened low and rushed, strong supply and weak demand, and limited gains were suppressed

    • Last Update: 2022-12-29
    • Source: Internet
    • Author: User
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    On Thursday, Shanghai copper opened low and rushed, the intraday trend was strong, the main month 2301 contract opened at 64630 yuan / ton, the highest intraday 65200 yuan / ton, the lowest 64460 yuan / ton, settled 64710 yuan / ton, closed 64990 yuan / ton, up 280 yuan, or 0.
    43%.

    Shanghai copper

    During the Asian session, London copper is running strongly, and the latest quotation at 15:01 Beijing time is 8072 US dollars / ton, up 44 US dollars, or 0.
    55%.

    In terms of the market, the domestic spot copper price rose slightly during the day, and the Yangtze River spot 1# copper was 65580 yuan / ton, up 110 yuan, 480-520 liters; The Yangtze River Comprehensive 1# copper price was reported at 65,700 yuan / ton, up 100 yuan, with a premium of 560-680 liters; Guangdong spot 1# copper price reported 65820 yuan / ton, up 100 yuan, premium 640-liter 840; Shanghai spot 1# copper price was 65450 yuan / ton, up 140 yuan
    .

    In the spot market, downstream demand continues to weaken, and in the face of strong resistance to high-priced copper, most buyers reduce replenishment, and trading is deadlocked
    .
    The weakening of the US dollar, good for the recovery of risk assets, the Federal Reserve slowed down the pace of interest rate hikes, boosted market confidence to return, Shanghai copper was strongly affected by the trend during the day, but under the pressure of strong supply and demand, Shanghai copper ran under pressure, and the increase was limited
    .

    Industry news, 2023 copper concentrate long single processing fee negotiations are underway in Singapore, Freeport is fully promoting the third round of long order negotiations with Chinese smelters, it is reported that in the second round of negotiations, the seller's quotation is a high of $70 and the Chinese refinery quotation is close to $100, so it is expected to be a mid-high level of $80
    .
    Antofagasta is also pushing for a second round of exchanges
    with Chinese refiners.
    From the current quotations of the two sides, it can be seen that the buyers and sellers have formed a consensus on the expectations of copper mine surplus next year, but the gap between the current quotations of buyers and sellers is still large
    .

    Shanghai copper opened higher in early trading during the day, and the latest opening price of the main monthly 2301 contract was 64810 yuan / ton, up 100 yuan
    .
    Refined copper production year-on-year high growth rate facing excess, but China continues to support loose monetary policy conducive to the stable development of the market, continue to do a good job in the healthy development of the current real estate market, successively introduced a number of measures to support, more copper consumption, internal and external inventories are generally at a low level to support copper prices, while the current macro environment has improved, market expectations are optimistic, copper or small rise
    .

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