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On Wednesday, Shanghai copper was weak and volatile, the main monthly 2205 contract opened at 74760 yuan / ton, the highest intraday 74770 yuan / ton, the lowest 74320 yuan / ton, settled 75160 yuan / ton, closed 74480 yuan / ton, down 680 yuan, down 0.
90%.
The trading volume of the main 2205 contract of Shanghai copper decreased by 3311 lots to 60056 lots throughout the day, and the position volume 135362 decreased by 14029 lots
.
During the Asian session, London copper fluctuated downward, and the latest quotation at 15:01 Beijing time was 10274 US dollars / ton, down 49 US dollars, or 0.
47%.
On the macro front, yesterday the IMF lowered the global economic growth rate to 3.
6% this year and next in its latest World Economic Outlook, 0.
8 and 0.
2 percentage points lower than the January forecast, respectively, with the US forecast downgraded to 3.
7%, China 4.
4%, and the Eurozone 2.
8%, due to the Russia-Ukraine conflict and the resulting sanctions, as well as the large-scale epidemic
in China 。 However, yesterday the United States announced that housing starts rose 0.
3% in March, down 1.
6% expected, the annualized total is the highest since 2006, and the Redbook commercial retail sales rose 15.
2% annualized last week, reflecting that its endogenous growth momentum is still strong
.
U.
S.
stocks rose, European stocks fell, and the different economic outlooks of the two places led to increasing divergence
in the stock market.
In terms of the market, the domestic spot copper price fell, Yangtze River spot 1# copper 74890 yuan / ton, down 880 yuan, premium 340-liter 380; Yangtze River non-ferrous metal net 1# copper price reported 74860 yuan / ton, down 840 yuan, premium 300-liter 360; Guangdong spot 1# copper price was reported at 74610 yuan / ton, down 1050 yuan; Shanghai spot 1# copper price was 74765 yuan / ton, down 795 yuan
In the spot market, traders turned to lower shipments after testing the waters, and receivers traded cautiously, purchasing low-priced sources on demand, and the overall transaction performance was average
.
The disruption of copper mine operations in Peru supported copper prices, but the world's central bank lowered its global economic growth forecast, putting pressure on copper prices, coupled with the heavy decline in oil prices, the continued strengthening of the US dollar, coupled with the impact of the epidemic in China, downstream consumption is still weak, and non-ferrous metals are mostly weak
.
On the whole, the disruption of copper mine operations in Peru supported copper prices, but the IMF's downward revision of its global economic growth forecast weighed on market sentiment, coupled with the continued strength of the US dollar and the heavy decline in oil prices, copper prices were boosted and fell
from high levels.
