echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > The main force of Shanghai copper continued to rise sharply, and the overall trading of the market was slightly cold

    The main force of Shanghai copper continued to rise sharply, and the overall trading of the market was slightly cold

    • Last Update: 2022-12-22
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    On Monday, the main 2109 contract of Shanghai copper continued to rise sharply, with a maximum of 71150 yuan / ton, a minimum of 69630 yuan / ton, and a closing price of 70770 yuan / ton, up 1.
    45% from the previous trading day's closing price; LME copper shock adjustment, as of 15:00 Beijing time, 3-month London copper was reported at $9606 / ton, down 0.
    19%
    on the day.

    Shanghai copper

    Market focus: (1) The preliminary US manufacturing PMI (purchasing managers' index) recorded 63.
    1 in July, higher than the expected 62 and the previous value of 62.
    1, a record high
    .
    The US services PMI unexpectedly fell in July, with a preliminary reading of 59.
    8, lower than the expected 64.
    5 and the previous reading of 64.
    6, the lowest reading
    since February this year.
    (2) Mysteel network data, on July 23, China's copper concentrate port inventory was 727,000 tons, an increase of 17,000 tons from last week; China's copper processing fee TC was 53.
    6 US dollars / dry ton, up 3.
    1 US dollars / dry ton
    from last week.

    Spot analysis: On July 26, spot 1# electrolytic copper was quoted at 71100-71350 yuan / ton, with an average price of 71225 yuan / ton, a daily increase of 1165 yuan / ton
    .
    Downstream is afraid of heights and cautious, traders are less active, the performance of receiving goods near the end of the month is not good, and the overall trading is slightly cold
    .

    Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 50,164 tons, a daily decrease of 1,198 tons, and a decrease of 29 consecutive days; LME copper stocks were 225225 tonnes, up 475 tonnes
    per day.

    Main positions: the top 20 long positions of Shanghai copper main 2109 contract 73852, +10957, short positions 78419, +11438, net positions -4567, -481, long and short increased, net short increased
    .

    Market analysis: The poor performance of the US services PMI data in July showed that the economic recovery was still uneven, reinforcing expectations that the Fed would maintain its dovish policy stance, and the dollar index was hindered
    .
    Upstream domestic copper mine inventories continued to grow, and copper ore processing fees TC steadily rebounded, indicating that the tension in copper mines improved
    .
    However, China's July copper plan to dump 30,000 tons of storage, the amount is still limited, lower than market expectations; Recently, refinery maintenance has increased, coupled with low copper prices, which is conducive to the recovery of demand, inventory digestion is better, and copper prices have stabilized and rebounded
    .
    Technically, the Shanghai copper 2109 contract increased its position, standing at the 70,000 mark
    .

    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.