echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > September 12 Shanghai copper brief commentary

    September 12 Shanghai copper brief commentary

    • Last Update: 2022-12-12
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    Shanghai copper showed a strong trend of volatility during the day, and the main contract closed at 47910 points, up 0.
    52%.

    On the plate, the 5-day line is supported around 47,600 yuan, and the short-term focus can be seen whether it can stand above 48,000 points, otherwise the rush back down market will repeat.

    News from the European Union that the UK is expected to reach a Brexit agreement in 6-8 weeks, the pound sterling that was deeply affected by this in the early stage has rebounded, weighing on the US dollar to fall, copper prices are expected to rebound slightly in the near future, but macro risks are still there, short-term is expected to be difficult to get out of the big market, merchants can reduce their positions
    at the high.

    Shanghai copper

    Macro news, since the beginning of this year, the official has repeatedly called to accelerate the promotion of real estate tax, from "steadily advancing real estate tax legislation" in March at the beginning of the year, to "accelerating the promotion of real estate tax-related policy measures" and "accelerating the establishment of a long-term mechanism to promote the stable and healthy development of the real estate market" in July, the real estate tax legislative work is expected to accelerate
    .
    In April this year, the preliminary draft was solicited for opinions
    within the provincial people's congress and the provincial finance department.
    On September 7, the legislative plan of the Standing Committee of the 13th National People's Congress was announced, and the real estate tax law was written into the legislative plan
    .

    Industry News:

    1.
    China Association of Automobile Manufacturers: Passenger car sales in August were 1.
    79 million units, down 4.
    6% y/y (down 5.
    3% y/y in July), and vehicle sales in August were 2.
    1 million units, down 3.
    8% y/y (down 4% y/y in July).

    2.
    Copper stocks on the London Metal Exchange (LME) decreased by 4,450 tons
    from the previous day.

    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.

    Contact Us

    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.