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On Monday, Shanghai copper fluctuated higher, the main monthly 2210 contract opened at 59700 yuan / ton, the highest intraday 60670 yuan / ton, the lowest 59450 yuan / ton, settled 59840 yuan / ton, closed 60580 yuan / ton, up 740 yuan, or 1.
24%.
The trading volume of the main 2210 contract of Shanghai copper decreased by 2071 lots 158964 lots throughout the day, and the position volume 167403 decreased by 354 lots
.
During the Asian session, London copper opened low and high, and the narrow range fluctuated within the day, and the latest quotation at 15:01 Beijing time was 7624 US dollars / ton, up 72 US dollars, or 0.
95%.
In terms of the market, the price of domestic spot copper rose, Yangtze River spot 1# copper 60990 yuan / ton, up 420 yuan, premium 520-liter 560; The Yangtze River Comprehensive 1# copper price was reported at 60910 yuan / ton, up 350 yuan, and the premium was 400-520; Guangdong spot 1# copper price reported 60830 yuan / ton, up 280 yuan, premium 280-liter 480; Shanghai spot 1# copper price was 60830 yuan / ton, up 430 yuan
.
In the spot market, the shortage of spot circulation eased, downstream consumption was limited, demand performance was weak, and transactions continued to weaken
.
U.
S.
employment data is mixed, the market's expectations for the Fed's aggressive interest rate hike have cooled, market sentiment has been boosted, the futures market atmosphere has improved significantly, and the surrounding non-ferrous metals have risen, and the trend of Shanghai copper is stronger
during the day.
Canadian mining entrepreneur Rob McEwen won a sum of money for his new copper division, and a joint venture of Rio Tinto Group (Nuton) will acquire nearly 10% of the stake for $25 million, as McEwen is arranging new deposits to meet demand growth
.
Rio Tinto's focus is on McEwen's Los Azules project in Argentina's province of San Juan, near the Chilean border, which has been described as one of
the world's largest undeveloped copper assets.
Copper prices rebounded slightly overnight last weekend, affected by a slight recovery in U.
S.
unemployment and slowing hourly wages, while the pullback in copper prices in the previous period has priced in most of the Fed's 75 basis point
rate hikes.
The Fed is still in a rate hike cycle, and market sentiment tends to be cautious
overall.
However, there is a slight gap between supply and demand in the industrial chain, and inventories continue to decline
.
Copper prices may fluctuate widely in the medium term, and will still be supported
by new energy demand in the long term.
It is recommended to pay attention to the domestic epidemic, spot demand, downstream starts, inventory and other conditions
.
