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Copper fluctuated at a high level and market demand was flat

 Last Update: 2022-12-19
 Source: Internet
 Author: User

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Today's Shanghai copper high volatility, the main month 2010 contract opened at 52,000 yuan / ton, the highest intraday 52,230 yuan / ton, the lowest 51,810 yuan / ton, settled 51,990 yuan / ton, closed at 51,980 yuan / ton, up 260 yuan
.
The trading volume of the main 2010 contract of Shanghai copper was 96530 lots, a decrease of 43977 lots, and the position increased by 2657 to 117479 lots
.

Copper period

Today's LME market is closed on the UK summer bank holiday, no data, and trading resumed on Tuesday
.

In terms of the market, today's domestic spot copper prices rose, Yangtze River non-ferrous metal network 1# copper price was reported at 51990 yuan / ton, up 210 yuan, 20-80 liters; Guangdong spot 1# copper price was reported at 51940 yuan / ton, up 210 yuan; Yangtze River spot 1# copper price 52030 yuan / ton, up 210 yuan, premium 70-liter 90; Shanghai spot 1# copper price was 52,005 yuan / ton, up 225 yuan
.

In the spot market, receivers are more willing to lower prices, traders are cautious, downstream demand is flat, and transactions are weak
.
China's manufacturing industry is running smoothly, strong infrastructure activity is driving copper demand, and copper prices are expected to fluctuate
upwards as the consumption season approaches.

At the macro level, the Fed's tolerance of inflation and high unemployment have reduced the status of the US dollar, and the US index will continue to weaken and benefit the recovery of copper prices; The inventory variable on the fundamentals is the driving force for the high operation of copper prices, the inventory in the last period fell slightly, the LME inventory was less than 90,000 tons, the domestic secondary destocking needs to be further confirmed, and pay attention to the content of the Fed's September meeting minutes, copper prices will remain strong and volatile
.

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