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Today's Shanghai copper is weak and volatile, the decline in the afternoon expanded, the main month 2106 contract opened at 76240 yuan / ton, the highest intraday 76720 yuan / ton, the lowest 75390 yuan / ton, settled 76020 yuan / ton, closed 75970 yuan / ton, down 400 yuan
.
The trading volume of the main 2106 contract of Shanghai copper increased by 45078 lots 244411 the whole day, and the position decreased by 6580 to 132077 lots
.
During the Asian session, London copper fluctuated strongly, and the latest quotation at 15:01 Beijing time was 10439.
5 US dollars / ton, up 29.
5 US dollars, or 0.
28%.
In terms of the market, today's domestic spot copper prices fell, Yangtze River nonferrous metal network 1# copper price was reported at 75890 yuan / ton, down 180 yuan, premium 40-100; Guangdong spot 1# copper price was reported at 75840 yuan / ton, up 220 yuan; Yangtze River spot 1# copper 75930 yuan / ton, down 180 yuan, premium 70-liter 90; Shanghai spot 1# copper price was reported at 75970 yuan / ton, down 40 yuan
.
In the spot market, holders are willing to sell at high prices, the willingness to receive goods is high, and the transaction has improved
.
Higher-than-expected inflation in the United States boosted the dollar, and expectations of monetary policy tightening increased, but the fundamental supply side remained tight, and short-term copper prices fluctuated
at a high level.
Foreign media reported that with the increase in global demand for copper wire metals, sulfuric acid
has been added to the challenges faced by copper miners.
Compounds that extract copper from ore are increasingly difficult to obtain
.
During the pandemic, the slowdown in smelting efforts led to a reduction in the supply of sulphur, a key raw material for
sulfuric acid.
At the same time, with the recovery of Asian industry, more sulfuric acid is being used
locally.
In Chile, the largest producer of copper mines, at least one has been affected, with spot prices soaring
.
On the macro front, the US CPI data for April significantly exceeded expectations, and high inflation may affect the economic recovery
.
At present, in the case of high prices in China, the downstream consumption performance is still weak, and the rising cost inhibits the demand of the terminal industry, and the rise in the price difference of refined waste is conducive to the consumption of scrap copper, and the price of spot copper is expected to fall
.
