echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > The main force of Shanghai copper opens high and goes high, and the market receiving atmosphere is weak

    The main force of Shanghai copper opens high and goes high, and the market receiving atmosphere is weak

    • Last Update: 2022-12-21
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    On Thursday, the main 2106 contract of Shanghai copper opened high and went higher, with the highest 68180 yuan / ton and the lowest 66680 yuan / ton within the day, and the closing price was 68040 yuan / ton, up 2.
    58% from the previous trading day's closing price; LME copper rose sharply, as of 15:00 Beijing time, the three-month London copper was reported at $9175 / ton, up 1.
    05%
    per day.

    Shanghai copper

    Market focus: (1) Powell said policymakers will wait until inflation continues to reach 2% and the labor market fully recovers before considering raising interest rates, both of which are unlikely to be fully met
    by the end of 2022.

    Spot analysis: On April 15, spot 1# electrolytic copper was quoted at 67030-67330 yuan / ton, with an average price of 67180 yuan / ton, a daily increase of 1010 yuan / ton
    .
    Holders actively ship, the receiving atmosphere is weak, and the downstream just needs to purchase
    .

    Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 125234 tons on Thursday, an increase of 4290 tons per day, an increase of 4 consecutive days; On April 14, LME copper stocks were 172025 tons, an increase of 3,525 tons per day, an increase of six consecutive days
    .

    Main positions: the top 20 long positions of Shanghai copper main 2106 contract are 95124 lots, a daily increase of 12606 lots, short positions are 99737 lots, a daily increase of 11706 lots, net short positions are 4613 lots, a daily decrease of 900 lots, long and short are increased, and the net space is reduced
    .

    Upstream Chile's recent border closure due to the epidemic, coupled with Peru's February copper mine production decline month-on-month, domestic copper supply tightening concerns remain, due to lower processing fee TC, pressure on smelter production, refining copper production is expected to decline slightly in April
    .
    At present, downstream demand is still weak, and domestic copper inventories have not yet entered a downward channel, but the domestic demand season is still expected, which supports copper prices
    .
    Technically, the Shanghai copper 2106 contract increased its position sharply, and the mainstream bulls increased their positions significantly, and it is expected to run strongly in the short term
    .

    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.