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    Home > Chemicals Industry > New Chemical Materials > May 5 Copper Market Brief Review

    May 5 Copper Market Brief Review

    • Last Update: 2022-12-05
    • Source: Internet
    • Author: User
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    Yesterday's London inventory reappeared a large increase, the night metal fell across the board, the copper market was under obvious pressure, the US dollar was weak, boosting copper prices to recover some of the declines, the main force of Shanghai copper showed a weak trend in the morning, the long and short competition showed extremely fierce, the capital left the market increased, the technical side was still bearish, did not support the sharp rise in copper prices, the capital continued to tighten and the real estate market faced a new round of regulation and upgrading to suppress copper prices
    .

    Copper City

    Today, the main 1706 contract of Shanghai copper opened at 45070 yuan / ton, after the opening of Shanghai copper in the long position increase pulled, the center of gravity moved up to 45170 yuan / ton consolidation, intraday low to the daily average of 44680 yuan / ton to get support, continue to continue the trend of consolidation, at 44980 yuan / ton to close at the crosshair, down 570 yuan / ton, increase positions by 5300 hands to 188,000 lots, the volume decreased by 64868 hands to 244,000 hands
    。 Today's Shanghai copper running smoothly, the daily moving average is well supported, waiting for the evening non-farm data guidance, the non-farm data is expected to be good, or the copper price has been boosted, and Shanghai copper is expected to show a low rebound trend in the evening
    .

    In terms of spot, with the two markets inventory reversal trend momentum increase, the spot market supply tends to be loose, with the weakening of copper prices, holders of strong willingness to ship at high prices, but downstream users purchase low-priced sources, supply and demand sides on the issue of premium stalemate, downstream bargain absorption of goods slightly increased, today Guangdong electrolytic copper trading premium fell slightly, domestic continued digestion of inventory, it is difficult to maintain the premium, the overall trading has not improved
    .

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