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    Home > Chemicals Industry > New Chemical Materials > The main force of Shanghai copper fluctuates upward, and the market fear of decline still exists

    The main force of Shanghai copper fluctuates upward, and the market fear of decline still exists

    • Last Update: 2022-12-25
    • Source: Internet
    • Author: User
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    Today, the main force of Shanghai copper fluctuated to the upside
    .
    At the end of the day, the main 2208 contract of Shanghai copper closed at 56390, up 1790, or 3.
    28%.

    Shanghai copper

    On the macro front, the US CPI data for June recorded 9.
    1% last week, hitting a new 40-year high again, while the market's expectations for a 100bps rate hike by the Fed in July are also strengthening, which has kept the dollar strong, commodities have fallen, and copper prices have not been spared
    in the process.

    On the supply side, according to Mysteel, weather in central Chile continued to affect copper concentrate shipments last week, with Chilean shipments down 50%
    from normal levels.
    Transportation remains poor in Africa, and the Democratic Republic of Congo plans to expand its main border post with Zambia to ease the 60-kilometer truck queues copper miners face this year due to increased production and inadequate infrastructure
    .
    On the demand side, smelters are operating normally, purchasing on demand, and raw material stocks are still relatively abundant
    .
    At the same time, the domestic port inventory of copper concentrate fell by 68,000 tons from the previous suppression, but remained at a high level of 915,000 tons, and the TC price only fell slightly by $0.
    17/ton to $72.
    33/ton
    .

    In terms of consumption, due to the continuous decline in copper prices, the enthusiasm of some downstream enterprises to purchase has rebounded slightly, and the market premium quotation has also risen, but the improvement in demand is not very significant
    .
    Mainly because the current market may be more severely suppressed due to the impact of continued interest rate hikes in the future, the fear of decline still exists, so although demand has recovered slightly, the overall situation is still difficult to be optimistic
    .

    In terms of stocks, last week's stocks rose 0.
    2 million tons to 71,300 tons, and LME stocks rose 01,200 tons to 130,400 tons
    .
    Domestic social stocks (excluding bonded zones) rose 02,600 tons to 120,700 tons
    .

    Overall, the current signs of demand recovery are still not obvious, and overseas tightening is expected to continue to suppress overseas demand, so copper prices may still be dominated by weak shocks
    .

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