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    Home > Chemicals Industry > New Chemical Materials > The center of gravity of Shanghai copper continues to shift downward and may continue to fall in the short term

    The center of gravity of Shanghai copper continues to shift downward and may continue to fall in the short term

    • Last Update: 2023-02-02
    • Source: Internet
    • Author: User
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    The Shanghai copper 2302 contract continued the downward trend of the previous trading day after the opening on Wednesday, closing at 64560 yuan / ton, down 1.
    69%; The international copper 2302 contract showed the same trend, down 1.
    73%, closing at 57500 yuan / ton
    During the night session, the price of copper in the internal market opened low and fluctuated, and the price center of gravity continued to move
    London copper also fell yesterday to close at $8251/mt

    Shanghai copper

    Copper prices fell sharply and fell lower during the day, but at present, downstream consumption is still weak, the sentiment of taking goods is not good, the market is mostly cautious and wait-and-see, and intraday procurement demand is limited; Holders weakened their sentiment and gradually lowered their premium shipments

    On the macro front, the Fed released the most hawkish meeting minutes in seven months, and the December minutes showed that the Fed was worried that the market was too optimistic, warning that interest rates may be higher than expected, and no one expected a suitable rate cut in 2023, but the commentary said that the Fed's wording was not new and unexpected, and U.
    stocks and bonds only fell in the short term and eventually rebounded
    This year, the Fed's voting committee supported a pause after raising interest rates to 5.
    4%, which is higher than the Fed's December expected peak
    job vacancies fell slightly to 10.
    458 million in November, but remained strong, beating expectations for the third time in a row; ISM manufacturing contracted for the second consecutive month in December to 48.
    4, and the price index fell
    for the ninth consecutive month.
    The European Commission forecasts that both EU and eurozone GDP will grow by just 0.
    3% in 2023, well below the 2.
    3% growth forecast in the spring economic outlook

    In terms of news, according to preliminary statistics from the Passenger Association of China, the retail sales of passenger cars in December last year were 2.
    425 million units, a year-on-year increase of 15% and a month-on-month increase of 47%.

    Retail sales of passenger cars totaled 20.
    7 million units, up 1.
    The association said that the recovery of 10% of the car purchase tax in 2023 is a policy adjustment that exceeds expectations, which will bring year-end growth pressure to the car market in 2023, but will not lead to a year-on-year plunge in the car market in 2023, so it is currently expected that domestic retail sales in 2023 will be zero growth

    The latest data show that the economic data at home and abroad has weakened significantly, and the weak reality is difficult to change in the short term
    At present, the end of the domestic year is close to superimposed on the impact of the epidemic, the actual demand at the terminal is weak, coupled with the beginning of the increase in inventory, the margin of support for copper prices has weakened, and copper prices are expected to continue to decline
    in the short term.

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