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    Home > Chemicals Industry > New Chemical Materials > Limited fundamental support Shanghai copper has some adjustment pressure

    Limited fundamental support Shanghai copper has some adjustment pressure

    • Last Update: 2022-12-20
    • Source: Internet
    • Author: User
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    In the last trading day, the main force of Shanghai copper Cu2102 was mainly volatile, the lowest was 58060, the highest was 58680, and it closed at 58480, closing up 0.
    52%; The night session opened low and oscillated, with a low of 58110
    .
    The outer copper volatility was slightly weaker, closing at 7819, basically unchanged
    from the previous day.

    Shanghai copper

    In the previous trading day, London copper fell slightly, and the main contract of Shanghai copper closed down; The dollar fell below 90 again; LME copper stocks minus 3,100 tonnes to 110875 tonnes; Copper decreased by 221 tonnes to 30,880 tonnes in the previous period; The Shanghai Free Trade Zone warehouse was 443,800 tons, an increase of 04,800 tons
    from last week.

    On the macro front, the virus mutated, some countries tightened anti-epidemic restrictions, and the effect of vaccines is still to be verified
    .
    Chinese and European leaders jointly announced the completion of the China-EU investment agreement negotiations as scheduled, the US fiscal stimulus package has been twisted again, and the United Kingdom has reached a framework agreement
    to leave the EU.

    On the supply side, the supply and demand between mining and smelting is still in a tight pattern, and TC remains below
    $50.
    At the smelting end, the year-end impulse of Chinese smelters shows obvious
    signs.
    The price difference between refined waste is widening, which is not conducive to the consumption of
    refined copper.

    On the demand side, the PMI of the copper downstream industry rose slightly month-on-month in December, remaining above the 50 dividing line for three consecutive months, and is expected to fall back below 50 in January
    .
    Domestic downstream enterprises have entered the settlement cycle one after another, spot procurement performance is cautious, and spot premium has soared and fallen
    .

    Fundamental support is limited, and there is a variant virus infestation, copper prices have certain adjustment pressure, while the support of the weak dollar is still there, Shanghai copper or continue to fluctuate
    .

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