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    Home > Chemicals Industry > New Chemical Materials > The market bullish sentiment is high, and Shanghai copper continues to rebound within the day

    The market bullish sentiment is high, and Shanghai copper continues to rebound within the day

    • Last Update: 2022-12-01
    • Source: Internet
    • Author: User
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    On Thursday, the main contract of Shanghai copper 1606 continued to rebound, and the rise further expanded, rising to 38100 yuan / ton at the end of the day, up 1.
    98% from the previous closing price, making Shanghai copper effectively break through the upper moving average suppression, and the upward trend became more obvious

    Shanghai copper

    In the external market, the Asian market London copper oscillation continued to rise, of which the 3-month LME copper rose 0.
    63% to $5,004 / ton at the close of the Shanghai copper market, making the copper price effectively run above the M200, the short-term rebound pattern remained good, and the technical support below focused on $4,900 / ton

    Macro: The Asian dollar index failed to extend its overnight rally, now trading around 94.
    4, while U.
    crude oil futures fell slightly under pressure, but the internal commodity market long atmosphere is still strong, especially ferrous metals, chemicals and even agricultural commodities are generally up and down, optimism is transmitted to the non-ferrous metals market, and its rising initiative has risen

    Market: On April 21, Shanghai electrolytic copper spot reported a discount of 160-120 yuan / ton, and the transaction price of flat water copper was 37360-37540 yuan / ton
    Holders can maintain a large number of shipments at high prices, but the discount reduction of copper is limited, good copper discount is around 130 yuan / ton, flat water copper discount 150 yuan / ton, intraday discount reduction is difficult to expand
    Downstream on-demand buying, the overall transaction of the market is still concentrated among
    Imported copper continues to flood the market, and the characteristics of oversupply are obvious

    In terms of industries, China's refined copper imports in March climbed 49.
    4% year-on-year to 458068 tons, a record high, indicating high domestic refined copper import demand, while refined copper exports in March were 23,375 tons, up 32.

    Overall, the metal market bullish sentiment is high, Shanghai copper oscillation after the morning open, the current month contract closed at 67990 yuan hit a nearly one-month high, the current copper market overall is good, it is expected that there is room for upside in the short term

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