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Shanghai copper is strong and oscillating and has limited room for rebound

 Last Update: 2022-12-23
 Source: Internet
 Author: User

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southeast asian market

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Today's Shanghai copper is strongly volatile, the main month 2201 contract opened at 69460 yuan / ton, the highest intraday 69770 yuan / ton, the lowest 69320 yuan / ton, the settlement 69330 yuan / ton, the close 69420 yuan / ton, up 90 yuan, or 0.
13%.

The trading volume of the main 2201 contract of Shanghai copper decreased by 20593 lots to 90812 lots throughout the day, and the position volume 144887 lot decreased by 4448 lots
.

Shanghai copper

During the Asian session, the trend of London copper was weak, and the latest quotation at 15:01 Beijing time was 9498 US dollars / ton, down 79 US dollars, or 0.
82%.

In the market, today's domestic spot copper prices fell slightly, 1# copper price was 69850 yuan / ton, down 280 yuan, premium 40-100 liters; Guangdong spot 1# copper price reported 70,010 yuan / ton, down 170 yuan; Yangtze River spot 1# copper 69910 yuan / ton, down 260 yuan, premium 100-liter 140; Shanghai spot 1# copper price was 69765 yuan / ton, down 140 yuan
.

In the spot market, the source of imported goods has increased, the holders have concentrated shipments, the willingness of the receiving party to receive goods is weak, the market sentiment is weak, the transaction is mainly at a low price, and the overall transaction is average
.
The central bank's comprehensive RRR reduction is in line with market expectations, but the boost to copper prices is limited, superimposed on the impact of imported copper, spot premiums continue to weaken, copper prices continue to fluctuate
.

The domestic central bank's RRR cut drove market risk sentiment, favorable to short-term copper prices, coupled with internal and external continuous destocking and high premium, all strongly support copper prices, while copper prices follow macro sentiment fluctuations, but into the off-season demand gradually weakened, rebound space is limited, copper is expected to rise
slightly.

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