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Shanghai copper opens low and goes low, and the center of gravity has shifted slightly down

  • Last Update: 2023-02-02
  • Source: Internet
  • Author: User
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Today's Shanghai copper opened low and went low, the center of gravity moved down, the main month 2302 contract opened at 65580 yuan / ton, the highest intraday 65780 yuan / ton, the lowest 64520 yuan / ton, settled 65670 yuan / ton, closed 64560 yuan / ton, down 1110 yuan, down 1.
69%.

The trading volume of the main 2302 contract of Shanghai copper was 64281 contracts throughout the day, an increase of 14974 lots, and the position volume of 96483 contracts decreased by 2637 lots
.

Shanghai copper

During the Asian session, London copper fluctuated in a narrow range to the downside, and the latest quotation at 15:01 Beijing time was 8318 US dollars / ton, down 2 US dollars, or 0.
02%.

In terms of the market, today's domestic spot copper prices continued to fall, Yangtze River spot 1# copper reported 65330 yuan / ton, down 610 yuan, premium 180-liter 220; The Yangtze River Comprehensive 1# copper price was reported at 65290 yuan / ton, down 610 yuan, and the premium was 100-220; Guangdong spot 1# copper price was reported at 65240 yuan / ton, down 610 yuan, premium 10-210; Shanghai spot 1# copper price was 65210 yuan / ton, down 630 yuan
.

In the spot market, traders are cautious in trading, spot premiums have fallen, receivers' willingness to receive goods is not high, and the overall trading volume is limited
.
Domestic and foreign manufacturing PMIs in December are weak, recession fears increase, metal demand prospects are worrying, market sentiment is sluggish, coupled with off-season consumption obviously dragged down copper prices, copper is difficult to have a bright performance, the center of gravity has shifted
slightly downward.

Shanghai copper opened lower in early trading today, and the latest opening price of the main monthly 2302 contract was 65050 yuan / ton, down 620 yuan
.
Weak PMI data at home and abroad, weak economic growth in major economies around the world, worrying outlook for metal demand, and gloomy market sentiment; In December, the operating rate of copper and cable was sluggish, down 9.
79 percentage points month-on-month, down 9.
9 percentage points year-on-year, and it is expected that the operating rate of wire and cable enterprises in January 2023 will decline again month-on-month; the actual demand for terminals is significantly weaker, the nonferrous market sentiment is cautious, and the weak reality is difficult to change in the short term, and the accumulation of internal and external inventories, the support margin of inventory to the price weakens, and copper or falls
.

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