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Today's Shanghai copper maintained a strong trend, the center of gravity continued to move up, the main month 2303 contract opened at 66370 yuan / ton, the highest intraday 66860 yuan / ton, the lowest 66290 yuan / ton, settled 65640 yuan / ton, closed 66590 yuan / ton, up 950 yuan, or 1.
45%.
The trading volume of the main 2303 contract of Shanghai copper was 75072 lots, a decrease of 25746 lots, and the position volume of 169752 lots increased by 10517 lots
.
During the Asian session, the low range fluctuated in a narrow range after the London copper diving, and the latest quotation at 15:01 Beijing time was 8786 US dollars / ton, down 13 US dollars, or 0.
15%.
In terms of the market, today's domestic spot copper prices continued to rise, Yangtze River spot 1# copper reported 66610 yuan / ton, up 300 yuan, 100-140 liters; The Yangtze River Comprehensive 1# copper price was reported at 66570 yuan / ton, up 240 yuan, and the premium was 20-140; Guangdong spot 1# copper price was reported at 66520 yuan / ton, up 170 yuan, discount 70-liter 130; Shanghai spot 1# copper price was 66480 yuan / ton, up 250 yuan
.
In the spot market, holders lowered their premium shipments, but the downstream market was afraid of heights and wait-and-see sentiment, cautious in receiving goods, and the overall transaction weakened
.
Peripheral sentiment is high, risk appetite continues to heat up, coupled with domestic policy favorable continuous output, the RMB rebounded sharply, boosting copper prices, the current inventory is at a historical low, easy to bring support to prices, intraday Shanghai copper center of gravity continued to attack
.
Today, the main force of Shanghai copper fluctuated to the upside
.
At the end of the day, the main 2303 contract of Shanghai copper closed at 66590, up 950, or 1.
45%.
Expectations of an overseas recession have improved, domestic reopening of borders has brought about a repair in demand prospects, market sentiment has warmed, and crude oil has risen sharply overnight, boosting the LME metal general rally
.
Traders are betting that the recent weak economic data will force the Fed to slow the pace of interest rate hikes, while risk currency exchange rates such as the Australian dollar are higher due to China's recovery expectations, and the US dollar continues to fall, stimulating London copper to break through the previous high, limited by the RMB exchange rate, the external performance is stronger than the domestic market
.
After the hype cooled, under the pressure of weakening fundamentals, it is difficult for copper prices to have sustained upward momentum
.
