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Today's Shanghai copper is strongly volatile, the main month 2201 contract opened at 68830 yuan / ton, the highest intraday 69850 yuan / ton, the lowest 68650 yuan / ton, settled 69100 yuan / ton, closed 69460 yuan / ton, up 360 yuan, or 0.
52%.
The trading volume of the main 2201 contract of Shanghai copper decreased by 10199 lots 122548 lots, and the position volume of 152611 lots decreased by 3369 lots
.
During the Asian session, London copper rebounded at a low level, and the latest quotation at 15:01 Beijing time was 9501 US dollars / ton, up 31 US dollars, or 0.
33%.
In terms of fundamentals, with the easing of electricity, the production increase is expected to remain unchanged; Domestic spot prices have been adjusted under water, spot tension has eased, and social inventories have also been accumulated, indicating that downstream enterprises remain cautious
in the face of high prices and high premiums.
However, LME inventories have increased, but it remains to be seen
whether this is an inflection point for inventories.
Policy uncertainty and the epidemic have repeatedly and gradually reduced market expectations, and expectations should not be too high before the Spring Festival, and enterprises should do a good job in risk management, especially for
smelters.
In terms of industry, Chilean Copper Commission: copper price of $4.
23/lb in 2021 and $3.
95/lb in 2022; Chile's national copper production in October fell 9.
9 percent from a year earlier to 144,100 mt
, Chile's national copper company said.
In terms of the market, today's domestic spot copper prices are mixed, 1# copper price is 70020 yuan / ton, up 60 yuan, premium 540-liter 600; Guangdong spot 1# copper price was 69940 yuan / ton, up 180 yuan; Yangtze River spot 1# copper 69900 yuan / ton, down 140 yuan, premium 360-liter 540; Shanghai spot 1# copper price was 69815 yuan / ton, down 85 yuan
.
In the spot market, middlemen cautiously continue to reduce prices, downstream is still light, demand is weak, and trading activity is average
.
Although Chile's copper production in October rebounded, it was still lower than the same period last year, superimposed on internal and external inventories are at a low level and continue to fall, but the speed of domestic destocking has slowed down, downstream demand performance is weak, and copper prices maintain a range-bound pattern
.
