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Shanghai copper continues to rise, and there is limited room for rebound

 Last Update: 2022-12-20
 Source: Internet
 Author: User

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Today's Shanghai copper continued to rise, the main month 2011 contract opened at 50800 yuan / ton, the highest intraday 51350 yuan / ton, the lowest 50470 yuan / ton, settled 50890 yuan / ton, closed 51220 yuan / ton, up 660 yuan
.
The trading volume of the main 2011 contract of Shanghai copper decreased by 53881 lots 157535 lots, and the position decreased by 3899 to 108147 lots
.

Shanghai copper

During the Asian session, London copper fluctuated upward, and the latest quotation at 15:24 Beijing time was 6611 US dollars / ton, up 59 US dollars, or 0.
90%.

In terms of the market, today's domestic spot copper prices rose slightly, Yangtze River non-ferrous metal network 1# copper price was reported at 50970 yuan / ton, up 180 yuan, 10-70 liters; Guangdong spot 1# copper price reported 50900 yuan / ton, up 160 yuan; Yangtze River spot 1# copper price 51070 yuan / ton, up 180 yuan, premium 120-liter 140; Shanghai spot 1# copper price was 50980 yuan / ton, up 140 yuan
.

In the spot market, the willingness of holders to exchange cash is strong, the downstream continues to bargain purchase, and the supply and demand tug-of-war transaction is general
.
The sluggish peak season continues, the fundamentals are in a weak situation, there is pressure above copper prices, and the rebound space is limited
.

Copper stocks in the previous period fell by 22,883 tons to 170464 tons last week, a decrease of 11.
84%, while LME stocks are still in a dematerialized state; Some domestic downstream copper enterprises have pre-holiday stocks, cable companies have a strong willingness to purchase at low prices, and spot copper prices are expected to rise
.

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