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Today's Shanghai copper volatility lower, the main month 2205 contract opened at 73710 yuan / ton, the highest intraday 73870 yuan / ton, the lowest 73280 yuan / ton, settled 73670 yuan / ton, closed 73320 yuan / ton, down 350 yuan, or 0.
48%.
The main 2205 contract of Shanghai copper decreased by 11285 lots to 71439 contracts throughout the day, and the position volume 155903 decreased by 11058 lots
.
During the Asian session, London copper fluctuated and fell, and the latest quotation at 15:01 Beijing time was 10,300 US dollars / ton, down 71 US dollars, or 0.
68%.
On the macro front, the situation in Russia and Ukraine is still scorching, and market risk aversion remains, but Russia agrees that Europe will use the euro to buy natural gas, which has made the euro appreciate and put pressure on the US dollar; In addition, China's weaker manufacturing PMI data for March hit optimistic expectations
of the economic outlook.
In terms of the market, today's domestic spot copper prices fell, Yangtze River spot 1# copper 73820 yuan / ton, down 300 yuan, premium 300-340; Yangtze River non-ferrous metal net 1# copper price reported 73770 yuan / ton, down 340 yuan, premium 240-liter 300; Guangdong spot 1# copper price was 73480 yuan / ton, down 180 yuan; Shanghai spot 1# copper price was 73620 yuan / ton, down 330 yuan
.
In the spot market, spot demand was sluggish under the epidemic, and holders lowered their premium quotations to stimulate shipments, but trading activity was also difficult to improve, and the overall transaction performance was biased
.
The recent significant increase in the epidemic situation in East China and the strengthening of control have led to a sharp increase in logistics transportation and warehousing costs, which has also made it difficult to pick up goods downstream and weakened spot demand.
Under the influence of the epidemic, market trading is more weak, but the State Council will still release confidence in stable growth, and the decline in copper prices is limited
by the solid support of low inventories.
Overall, the recent supply and demand in the domestic market are weak, upstream and downstream production has been reduced, and copper prices have shown a volatile trend
.
If the domestic epidemic improves, consumption will be replenished, and copper prices may be stronger under the support of low inventories
.
