echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > The main force of Shanghai copper continues to rebound, and market demand is not performing well

    The main force of Shanghai copper continues to rebound, and market demand is not performing well

    • 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 Wednesday, the main 2108 contract of Shanghai copper continued to rise, with the highest 68650 yuan / ton and the lowest 67370 yuan / ton during the day, and the closing price of 68590 yuan / ton, up 1.
    66% from the closing price of the previous trading day; LME copper continued to rise, as of 15:00 Beijing time, 3-month London copper was reported at $9347 / ton, up 0.
    84%
    per day.

    Shanghai copper

    Market focus: (1) Powell said at a hearing held by a panel of the US House of Representatives that we will not raise interest rates early because we are worried about possible inflation, and we will wait for evidence of actual inflation or other imbalances
    .
    (2) According to the National Food and Material Reserve Administration Announcement No.
    2 of 2021, it is decided to start the first batch of national reserves of copper, aluminum and zinc in 2021, with 20,000 tons, 50,000 tons and 30,000 tons respectively, and the public bidding
    will be held from July 5 to 6.

    Spot analysis: On June 23, the spot 1# electrolytic copper quotation was 68100-68340 yuan / ton, the average price was 68220 yuan / ton, and the daily increase was 1020 yuan / ton
    .
    The overall market is more and less, demand continues to decline, mainly traders ship, downstream just need to take less, trading continues to stalemate
    .

    Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts was 104397 tons during the day, a daily decrease of 3179 tons, a decrease of 6 consecutive days; On June 22, LME copper stocks were 160,950 tonnes, down 100 tonnes
    per day.

    Main positions: the top 20 long positions of Shanghai copper main 2108 contract 66413, -3843, short positions 67834, +2038, net positions -1421, +783, long and short are reduced, net space is reduced
    .

    Market research: Fed Chairman Powell said at the hearing that he would not raise interest rates early because of fears of possible inflation, and would wait for evidence of timing inflation or other imbalances, and the Fed's dovish remarks caused the dollar index to pull back to its high; The National Reserve announced the first batch of copper dumps of 20,000 tons, slightly lower than expected, after concerns eased
    .
    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, the recent increase in refinery maintenance and the close import window have led to a decline
    in copper production and imports.
    At present, the downstream demand performance is not good, most of them are bargained on-demand, and the demand off-season is gradually approaching, and the upward movement of copper prices is weak
    .

    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.