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Shanghai copper afternoon review on October 23

 Last Update: 2022-12-13
 Source: Internet
 Author: User

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Yesterday evening, Shanghai copper gap high open all the way down, opening 50730 yuan / ton, bears touched the high into the market, copper prices fell to a low of 50440 yuan / ton, many parties took advantage of the low to buy, support copper prices upward, oscillating around 50550 yuan / ton, short enthusiasm to enter the market, copper prices fell to 50380 yuan / ton, after a wide range of shock finishing, the end of the session copper price fell again to the lowest point of 50270 yuan / ton, as of 1:00, copper price 50320 yuan / ton, The trading volume decreased by 207,000 lots to 131,000 lots, and the open position was 533,000 lots
.

Shanghai copper

In terms of news, China's National Bureau of Statistics announced that China's GDP in the third quarter increased by 6.
5% year-on-year, and the growth rate fell to a nine-and-a-half-year low
.
The International Copper Research Group (ICSG) said in its latest monthly report that the global refined copper market was short of 47,000 tonnes in July 2018 and 38,000 tonnes
in June.
The ICSG said the global copper market was short of 157,000 tonnes from January to July, compared with a shortfall of 188,000 tonnes
in the same period last year.

In terms of spot, as this week involves the final delivery of this month's long order, the willingness of holders to hold up prices is strong, the current market shows signs of recovery, downstream buying is suppressed, in addition, the widening of the refined waste price difference, the substitution effect of copper scrap on refined copper is enhanced, copper consumption declines, and the market is abundant
.
It is expected that today's Shanghai copper 50100-50800 yuan / ton, spot discount 20-liter 50 yuan / ton
.

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