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June March Shanghai copper afternoon review

 Last Update: 2022-12-16
 Source: Internet
 Author: User

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On Friday evening, the main 1907 contract of Shanghai copper opened at 46150 yuan / ton, after the opening due to the influence of the external market, copper prices quickly tested down 46060 yuan / ton low, but soon the low performance rebounded and rebounded, the center of gravity all the way up to around 46330 yuan / ton, tested 46390 yuan / ton, and then the end of the session bulls took advantage of the high to close their positions, copper prices began to fall, stopped at 46250 yuan / ton, but then continued to decline, closing at 46160 yuan / ton
.
The trading volume of the Shanghai Copper Index was 121,000 lots, and the position decreased by 2,358 lots to 622,000 lots
.

Shanghai copper

Spot today into June, corporate capital pressure slightly repaired, holders selling sentiment weakened, and plate prices continued to fall, bargain buying will enhance market trading activity, but also need to be wary of the import window opening, imported copper into the spot market, so that the market circulation is abundant
.
It is expected that today's Shanghai copper 45900-46400 yuan / ton, spot premium 50-100 yuan / ton
.

Copper faces multiple macro and fundamental bearishness, the downward trend of global manufacturing has not changed, international trade tensions have intensified, and the fundamentals have weakened for a long time without bright spots in consumption during the year; China's official manufacturing PMI fell back in May, falling below the boom-dry line again, the order sub-index fell sharply, industrial production has slowed, and spot copper prices are expected to fall
slightly today.

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