 Home > Chemicals Industry > New Chemical Materials > October 31 Shanghai copper morning review

October 31 Shanghai copper morning review

 Last Update: 2022-12-03
 Source: Internet
 Author: User

Tags

na group number

number 1 copper

Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

Overnight, the Shanghai copper 1612 contract opened higher at 38390 yuan / ton
.
After the opening slightly lower 38280 yuan / ton, after the external market led the long buying interest increased, Shanghai copper slowly rose above the daily moving average, the end of the short position closed the market, Shanghai copper high touched 38610 yuan / ton, closed at 38530 yuan / ton, up 400 yuan / ton, trading volume decreased 109,000 hands to 74548 lots, warehouse decreased 746 hands to 152384 lots
.
Overnight Shanghai copper opened high and went high, and it is expected to operate in the range of 38350~38600 yuan / ton
today.

Shanghai copper

In terms of market: on October 28, Shanghai electrolytic copper spot contract reported a premium of 80 yuan / ton - 140 yuan / ton, and the trading price of flat water copper was 38300-38400 yuan / ton
.
Intraday holders high shipments, the supply of copper increased and the copper premium further narrowed, especially good copper more active reduction of the premium to seek transactions, wet copper supply is limited, quotations are relatively firm, a small number of speculators in the morning market price to absorb the source, but downstream in the copper price rebound when rarely enter the market, the overall trading is general
.

Inventory: As of October 28, the previous Shanghai copper inventory reported 102548 tons, a weekly decrease of 15,086 tons, far lower than the average inventory value of 229,000 tons during the year, indicating that the pressure on domestic stocks is much weaker than that of foreign countries
.

Shanghai copper closed strongly at 38,530 yuan / ton on Friday, boosted by optimism in China's demand, and Shanghai copper has effectively stabilized above the moving average group, performing stronger than London copper
.
In operation, it is recommended that the Shanghai copper 1612 contract can be backed above 38,000 yuan to bargain long, and the entry reference is around 38,300 yuan, and the target is 39,000 yuan
.

This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

Related Products

9,10-Diphenylanthrac

CAS No.: 1499-10-1

$1-1.2/MT FOB

High Quality Polar Solvent 99.99% Ethylene carbonate/Ethylencarbonat/ EC CAS 96-49-1

CAS No.: 96-49-1

Pharmacy Grade

$1-1.2/MT FOB

High quality Fluorescent Brightener CBS-X 98% TOP1 supplier in China

CAS No.: 27344-41-8

Industrial Grade

$3/KG EXW

Hot Tags

united states jobs(223)

jobs united states(236)

1 year treasury(277)

1 year subscription(296)

single use technology(195)

announcements today(81)

ups united states(221)

united states logo(227)

80 20 company(94)

healthy food name(42)

Hot Articles

The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.