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    Home > Chemicals Industry > New Chemical Materials > The short-term volatility of Shanghai copper is expected to continue

    The short-term volatility of Shanghai copper is expected to continue

    • Last Update: 2022-12-09
    • Source: Internet
    • Author: User
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    Overnight, the opening price of the Shanghai copper main 1805 month contract in the morning immediately rushed sharply higher by 51160 yuan, after which the price maintained a high level of volatility, and the second impact on the high failed in the afternoon, and finally closed at 50950 yuan, up 620 yuan, or 1.
    23%.

    In the external market, LME copper opened slightly lower than $6,818 in March, and then the price rose sharply, once rushing up to $6,910 in the afternoon, maintaining a high level of volatility before closing, closing at $6,894, up $40.
    5, or 0.
    59%.

    Shanghai copper

    In terms of the market, the spot copper price of Shanghai Nonferrous Metals Trading Center (SME) was reported at 51010-51090 yuan / ton, up 710 yuan / ton from the previous trading day, and the spot premium was adjusted to 0-b80 yuan / ton.

    In terms of stocks, COMEX copper stocks 239309 short tons as of April 9, an increase of 885 tons from the previous day; LME copper stocks were 372175 tonnes, up 1,425 tonnes from the previous day; As of April 10, SSE futures inventories were 142658 tons, down 2,103 tons
    from the previous day.

    Industry news, Anglo American Group copper business head Hennie Faul said that the looming risk of a trade war between the United States and China will increase the volatility of copper prices in the near future, but strong demand and supply shortages will boost the long-term fundamentals of the market, and prices may have some volatility, but not very large, will not affect supply and demand
    .

    In the short term, the trade war at the macro level continues, temporarily postponing the negative impact on copper prices, downstream consumption gradually picking up, spot contracts to maintain a premium structure, copper futures prices to support
    .
    On the plate, the 5-day upper crossing of the 10-day moving average supported the price, the MACD red column entity continued to expand, and the DIFF and DEA golden crosses diverged upward, and the short-term shock trend is expected to continue
    .
    Pay attention to inventory changes and the evolution of
    the trade war.
    FYI
    .

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