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    Home > Chemicals Industry > New Chemical Materials > Shanghai copper afternoon review on May 20

    Shanghai copper afternoon review on May 20

    • Last Update: 2022-12-16
    • Source: Internet
    • Author: User
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    On Friday evening, the main 1907 contract of Shanghai copper opened at 47710 yuan / ton, the initial test was 47680 yuan / ton, and then affected by the external market, the bulls actively entered the market, the center of gravity of copper prices moved up, and tested 57880 yuan / ton, but the high failed to show stability, during the short-term low test of the daily moving average position, the intraday center of gravity moved down to the daily moving average, and around the daily average near the 57790 yuan / ton position narrow finishing, the end of the short line low 47730 yuan / ton, and then closed at 47800 yuan

    Shanghai copper

    Spot Because today's Monday, holders consider the cost of holding positions over the weekend, and are expected to overquote quotations in the morning, but because the delivery just ended last week, the outflow of warehouse receipts in the market will increase the selling pressure of holders, and it is difficult for high prices to firm
    .
    It is expected that today's Shanghai copper 47500-48000 yuan / ton, spot flat water - premium 60 yuan / ton
    .

    China's copper import premium fell to $47 a tonne last week, well below the high of $120 last October and the lowest in two years; Spot TC of imported copper concentrate fell again last week, with an average price of $64.
    5/mt, indicating that copper concentrate supply remains tight; In addition, global copper inventories continue to decline, and the supply side still supports copper prices, and spot copper prices are expected to rise or fall only
    today.

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