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Shanghai copper afternoon review on May 10

 Last Update: 2022-12-15
 Source: Internet
 Author: User

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Overnight Shanghai copper main 1907 contract 47540 yuan / ton, the opening affected by the external market to test the lower 47370 yuan / ton, copper price performance bottomed out, the center of gravity moved up to around 47520 yuan / ton, and then after the price closed in a narrow range, bulls maintained an increase in positions, copper prices rose sharply, until the end of the session to test 47900 yuan / ton, closing at 47880 yuan / ton, up 0.
67%
in the evening.
The trading volume of the Shanghai Copper Index was 156,000 lots, and the position increased by 1,678 lots to 550,000 lots
.

Shanghai copper

Spot prices are expected to recover today and enter the weekend, which will attract some downstream dip replenishment, and spot quotations are expected to rise back to delivery levels
due to near-delivery.
However, it is necessary to be wary of the recent opening of the import window, or foreign copper will enter the country, so holders will continue to increase their efforts to sell, and the room for quotation upward is limited
.
It is expected that today's Shanghai copper 47550-48100 yuan / ton, spot flat water - premium 100 yuan / ton
.

In the first quarter, due to the heavy rainfall in northern Chile affecting the production of copper mines such as Chuquicamata, the copper production of Chile National Copper Company in the first quarter fell by 17% year-on-year, while the road blockade of the Las Bambas project in Peru was frequent, and the problem of overseas copper mine supply was highlighted in the second quarter; Although the production recovery of domestic cable companies is weaker than expected, it can also stabilize the bottom of copper prices, while air conditioners continue to show a trend of domestic market shipments that exceed expectations, and the active market competition of enterprises and strong terminal demand are expected to rise slightly today
.

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