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Today's Shanghai copper high volatility, the main month 2109 contract opened at 69500 yuan / ton, the highest intraday 70420 yuan / ton, the lowest 69370 yuan / ton, settled 69270 yuan / ton, closed 69770 yuan / ton, up 500 yuan
.
The trading volume of the main 2109 contract of Shanghai copper decreased by 3878 lots to 101880 lots throughout the day, and the position volume 120291 lot decreased by 1150 lots
.
During the Asian session, London copper was weak and volatile, and the latest quotation at 15:01 Beijing time was 9485 US dollars / ton, down 27 US dollars, or 0.
29%.
In terms of the market, today's domestic spot copper prices rose, Yangtze River nonferrous metal network 1# copper price was reported at 70040 yuan / ton, up 530 yuan, premium 160-liter 220; Guangdong spot 1# copper price was 69950 yuan / ton, up 530 yuan; Yangtze River spot 1# copper 70100 yuan / ton, up 500 yuan, premium 220-liter 240; Shanghai spot 1# copper price was 70,015 yuan / ton, up 465 yuan
.
In the spot market, the holders of goods shipped at a high price, the receivers inquired positively, the trading atmosphere was acceptable, and the overall transaction was slightly
deadlocked.
The US infrastructure bill boosted nonferrous market sentiment, the expansion of domestic power curtailment affected refined copper production, and Shanghai copper warehouse receipts continued to deteriorate, falling by more than 1,000 tons yesterday, and short-term supply tightened
.
The Escondida copper miners' association in Chile said Tuesday that it had reached a preliminary agreement on the new contract, but that the union would take another two days to submit the new contract to workers for a vote
.
On the macro front, global central banks will continue to maintain their current ultra-loose monetary and fiscal policies in the short term, and although the dollar trend was relatively strong after the interest rate meeting, it is largely an overdraft
of future economic growth.
In terms of fundamentals, the current TC price continues to rise, coupled with the rumors of domestic storage dumping, so the supply side has a more negative impact on copper prices, while on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, so overall, in the cross-variety arbitrage with the main
long allocation.
