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Shanghai copper short-term strong operation The rebound height needs to be observed

 Last Update: 2022-12-23
 Source: Internet
 Author: User

Tags

copper 1 iodide

non ferrous metals

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Today's Shanghai copper running at a high level, the main monthly 2201 contract opened at 71620 yuan / ton, the highest intraday 72260 yuan / ton, the lowest 71580 yuan / ton, settled 71130 yuan / ton, closed 71970 yuan / ton, up 840 yuan, or 1.
18%.

The trading volume of the main 2201 contract of Shanghai copper increased by 28487 lots 120822 the whole day, and the position volume 188075 increased by 11989 lots
.

Shanghai copper

During the Asian session, London copper jumped high, and the latest quotation at 15:01 Beijing time was 9890 US dollars / ton, up 45 US dollars, or 0.
45%.

In terms of the market, today's domestic spot copper prices rose, 1# copper price was 72500 yuan / ton, up 480 yuan, 430-490; Guangdong spot 1# copper price was reported at 72310 yuan / ton, up 560 yuan; Yangtze River spot 1# copper 72620 yuan / ton, up 610 yuan, premium 550-liter 590; Shanghai spot 1# copper price was 72400 yuan / ton, up 560 yuan
.

In the spot market, the premium was suppressed again, the holder lowered the premium quotation and shipment, the downstream stopped, the receiver purchased at the low, and the overall transaction was light
.
Indonesia will stop copper mine exports, domestic real estate credit policy marginal relaxation, market sentiment boosted by this to optimism, superimposed on ferrous metals ushered in a rise, driving the nonferrous market to pick up, copper prices rebounded
.

According Mining.
com to Reuters, Peruvian Prime Minister Mirtha Vasquez recently said that the four mines in the Ayacucho region will not extend their operating time, which triggered a strong reaction
from the mining industry.

Domestic fundamentals are expected to be weak, but the degrading social inventory has become the most powerful evidence of the current fundamental resilience, combined with the trend of other industrial products, the market has the action of repairing the poor expectations; Domestic spot prices have been adjusted under the water limit, and the tension of spot has eased, but this may also indicate that the downstream is waiting and waiting for the current rebound and high water premium pattern
.
In addition, LME inventories continued to deteriorate, supporting higher external prices, and spot stocks also maintained a premium pattern
.
Combined with the current macro and fundamentals, copper prices are expected to remain strong in the short term, and the rebound height needs to be observed
.

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