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October 24 Shanghai copper afternoon review

 Last Update: 2022-12-17
 Source: Internet
 Author: User

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Overnight, the Shanghai copper 1912 contract opened at 47020 yuan / ton, and the copper price continued to rise after the opening, and the center of gravity of copper prices has moved up to around
47460 yuan / ton at the end of the session.
Shanghai copper closed at 47450 yuan / ton, up 0.
87%
during the day.

Shanghai copper

In terms of spot, today's market prices rose sharply, high prices suppressed market buying sentiment, in addition to the recent demand for tax stamps and long orders has been gradually reduced, the overall demand performance is light, in the state of high inventory in the market, it is expected that today's holders will continue to reduce quotations
.
It is expected that today's Shanghai copper 47000-47500 yuan / ton, spot premium 30-liter 70 yuan / ton
.

On the macro front, the United States launched the exclusion procedure for China's tariff list, but the impact of the current trade war on copper prices has been weakened to a certain extent, and the domestic economy continues to adjust countercyclically, with stabilizing the economy as the main goal, and the effect is obvious
from the September data.
There is still support below the current copper price, and the improvement of demand and macro benefits will drive copper prices upward
.
The operation is mainly based on wait-and-see, and the early orders continue to be held
.

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