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July 16 Shanghai copper afternoon review

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

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Last night, London copper closed at 6394.
5 US dollars / ton, down 1.
62%, with a volume of 21,000 lots, and short positions increased by 1,999 lots to 311,000 lots; the Shanghai copper 2009 contract closed at 51,220 yuan / ton, down 1.
75%, with a volume of 88,000 lots and a short position of 295 lots to 111,000 lots
.

Yesterday's copper price correction was mainly due to the weakening pressure of A-shares, coupled with the recent decline in the number of new confirmed cases in Chile, supply concerns have eased, and copper prices have retraced
in the context of a large increase in the previous period.
However, on the macro front, vaccine development progress has pushed U.
S.
stocks to rebound, and the dollar index has updated a five-week low below 96, indicating that market risk sentiment has improved, and copper prices are expected to be supported
today.

In terms of spot, copper prices have improved their willingness to receive goods downstream, and spot premiums are expected to rise slightly today
.
It is expected that today's London copper 6380-6440 US dollars / ton, Shanghai copper 51100-51500 yuan / ton
.
It is expected that today's spot premium will be 30-60 yuan / ton
.

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