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Shanghai copper continues to be strong, and the downstream is afraid of heights and wait-and-see

 Last Update: 2022-12-21
 Source: Internet
 Author: User

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copper 2 sulfate

domestic supply

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Today's Shanghai copper continued to be strong, refreshing the highest level since August 2011, the main month 2106 contract opened at 71150 yuan / ton, the highest intraday 72820 yuan / ton, the lowest 71030 yuan / ton, settled 71960 yuan / ton, closed 72480 yuan / ton, up 2120 yuan
.
The trading volume of the main 2106 contract in Shanghai copper increased by 14180 lots 261866 lots throughout the day, and the position increased by 18 to 189078 lots
.

Shanghai copper

During the Asian session, London copper opened high and went higher, and the latest quotation at 15:01 Beijing time was 9910 US dollars / ton, up 132 US dollars, or 1.
35%.

In terms of the market, today's domestic spot copper prices rose sharply, Yangtze River nonferrous metal network 1# copper price was reported at 72180 yuan / ton, up 2180 yuan, discount 130-discount 70; Guangdong spot 1# copper price reported 72090 yuan / ton, up 2180 yuan; Yangtze River spot 1# copper 72130 yuan / ton, up 2150 yuan, discount 20-liter 20; Shanghai spot 1# copper price was 71865 yuan / ton, up 1925 yuan
.

In the spot market, holders have a strong willingness to cash out, and downstream fears heights, and the overall transaction is weak
.
The current macro atmosphere is generally warm, Chilean strikes have revived, London inventories have continued to decline recently, copper concentrate supply is still tight, and the basic support copper prices are rising
.

In terms of news, Chilean supplies are threatened with strikes, and port workers call for a general strike; China's spot copper processing fees (TCS) rose $2 as of April 25, the first increase since August, but overall remained low, institutional data showed; There may be a need to replenish stocks just before the holiday, and spot copper prices are expected to rise
sharply.

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