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November 14 Shanghai copper noon review

 Last Update: 2022-12-13
 Source: Internet
 Author: User

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Overnight Shanghai copper opened at 49090 yuan / ton, after the opening narrow range of shock finishing, copper prices rose, broke through the daily average after a narrow range closed at 49270 yuan / ton, during the period touched 49350 yuan / ton, then the bears brought positions into the market, copper prices under pressure, all the way down the shock fell below the daily average to a low of 48860 yuan / ton, after the short-term bottom, copper prices V-shaped rebound, trying to break through the daily average again, reaching the 49150 yuan / ton position after a slight fall, closing at 49020 yuan / ton
.

Shanghai copper

The spot is close to the delivery month, the basis of the next month has changed greatly, last night the basis has turned inverted, it is expected that if the discount is widened today, it will attract a wave of traders to take the goods
.
It is expected that today's Shanghai copper 48800-49100 / ton, spot discount 20-liter 30 yuan / ton
.

In the last trading day, the average price of electrolytic copper in Shanghai Nonferrous Metal Network 1# was 48815, down 305, spot premium 35, premium narrowed by 15
.
LME copper stocks fell by 1,000 tonnes and SHFE copper inventories decreased by 2,122 tonnes in the last trading day, with an overall decline in inventories, slightly supporting
futures prices.

There is renewed hope for easing trade tensions between China and the United States, temporarily easing market pressure
.
However, the Shanghai copper rebound is weak, the short-term will continue to fluctuate at the 49000 line, the current short-term support 48860, pressure 49210, it is recommended to trade
short-term within the day.

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