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Today's Shanghai copper volatility weakened, the main month 2207 contract opened at 67990 yuan / ton, the highest intraday 68700 yuan / ton, the lowest 67680 yuan / ton, settled 68670 yuan / ton, closed 68030 yuan / ton, down 640 yuan, down 0.
93%.
The trading volume of the main 2207 contract of Shanghai copper decreased by 32250 lots to 84035 lots throughout the day, and the position volume 113914 lot decreased by 11819 lots
.
During the Asian session, the London copper high volatility lower, the latest quotation at 15:01 Beijing time was 8915 US dollars / ton, down 15 US dollars, or 0.
17%.
In terms of the market, today's domestic spot copper prices stopped falling and stabilized, Yangtze River spot 1# copper 68900 yuan / ton, up 30 yuan, premium 360-liter 400; The Yangtze River comprehensive 1# copper price was reported at 68740 yuan / ton, up 30 yuan, and the premium was 160-280; Guangdong spot 1# copper price was reported at 68580 yuan / ton, up 30 yuan, discount 40-liter 160; Shanghai spot 1# copper price was 68830 yuan / ton, down 10 yuan
.
In the spot market, the receiving sentiment has not improved, the receiving party is still cautious and wait-and-see to reduce mining, the transaction atmosphere is becoming more cold, and the overall trading volume is declining
.
Although the market pessimism has been vented, it is still shrouded in many uncertainties and demand recovery is slow, but Chilean copper mines may be disrupted by strikes, coupled with low inventories, which supports copper prices, and the short-term copper price volatility stabilizes
.
India's Vedanta announced plans on Monday to sell a copper smelter complex in the southern state of Tamil Nadu
.
In 2018, during a protest at the complex's site, Indian police opened fire on protesters, killing 13 protesters
instantly.
Recently, there have been many disturbances on the supply side of copper mines, but domestic copper production increased in May, and production is expected
to increase further after centralized maintenance.
The apparent recovery of domestic demand at the end directly limits the trend
of copper prices.
For the supply and demand side, although the short-term price decline has a more obvious promotion of consumption, the repair of terminal demand is not obvious, the short-term repair of consumption is difficult to continue, the future supply is incremental, and the spot support is expected to continue to weaken
.
