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Limited fundamental support Shanghai copper continues to be weak

 Last Update: 2022-12-20
 Source: Internet
 Author: User

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low copper levels

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On Friday, Shanghai copper continued to be weak, the main month 2012 contract opened at 51150 yuan / ton, the highest intraday 51480 yuan / ton, the lowest 50830 yuan / ton, settled 51180 yuan / ton, closed 50940 yuan / ton, down 430 yuan
.
The trading volume of the main 2012 contract of Shanghai copper increased by 18,740 lots 146943 lots, and the position increased by 3,636 to 116208 lots
.

Shanghai copper

During the Asian session, London copper rushed back down, and the latest quotation at 15:00 Beijing time was 6708.
5 US dollars / ton, down 33 US dollars, or 0.
49%.

In terms of the market, the domestic spot copper price fell slightly on Friday, and the copper price of Yangtze River Nonferrous Metal Network 1# was 51540 yuan / ton, down 50 yuan, and the water was 150 liters of water 210; Guangdong spot 1# copper price was 51390 yuan / ton, down 40 yuan; Yangtze River spot 1# copper price 51590 yuan / ton, down 50 yuan, premium 220-liter 240; Shanghai spot 1# copper price was 51530 yuan / ton, down 50 yuan
.

In the spot market, holders continued to hold prices, few quotations, downstream consumption weakened, and trading was light
.
The overseas epidemic has risen again, the macro atmosphere is generally empty, the fundamental support is limited, the consumption performance is not up to expectations, and the short-term copper price is weak and volatile
.

In terms of news, the International Copper Research Group (ICSG) expects that after the stagnation of production in 2019, world refined copper production will increase by about 1.
5% in 2020, and demand is expected to remain unchanged, with an estimated copper supply gap of about 50,000 tons this year; Domestic consumption performance has been less than expected, refined copper production maintained growth, fundamental support is limited, intraday spot copper prices may not rise or fall much
.

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