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Today's Shanghai copper opened high and downward, the main monthly 2209 contract opened at 61390 yuan / ton, the highest intraday 61890 yuan / ton, the lowest 60760 yuan / ton, settled 61200 yuan / ton, closed 61040 yuan / ton, down 160 yuan, down 0.
26%.
The main 2209 contract of Shanghai copper had a full-day trading volume of 133240 lots, a decrease of 1230 lots, and a decrease of 467 lots to 160500 lots
.
During the Asian session, London copper rushed back down, and the latest quotation at 15:01 Beijing time was 7925 US dollars / ton, down 30 US dollars, or 0.
38%.
In terms of the market, today's domestic spot copper prices continued to rise, Yangtze River spot 1# copper 62220 yuan / ton, up 520 yuan, premium 180-liter 220; The Yangtze River Comprehensive 1# copper price was reported at 62340 yuan / ton, up 570 yuan, and the premium was 260-380; Guangdong spot 1# copper price reported 62460 yuan / ton, up 630 yuan, premium 340-premium 540; Shanghai spot 1# copper price was 62100 yuan / ton, up 470 yuan
.
The trading performance of the spot market was flat, and the downstream receiving sentiment was cautious again, afraid of high buying and prosperous, and the trading activity was average
.
Better than expected economic data from China and the United States boosted market sentiment, copper inventories in London and Shanghai fell one after another, and there was support at the bottom of copper prices, but the futures market weakened within the day, affected by the market waiting for the release of US inflation data in July, and the downstream wait-and-see attitude rose again, and the futures price stopped rising and turned down
.
According to customs data, China's copper imports in July increased by 9.
3% year-on-year, and with the release of a series of measures in China, new loans, investment, housing prices and industrial production data, the demand outlook is more and more inventive, while the macro environment will continue to stabilize the environment, the downstream cable industry has recovered, internal and external copper inventories will further decline, copper prices are more supportive in the short term, and copper is expected to rise
slightly.
U.
S.
employment data released on Friday beat expectations, allaying fears of a recession
.
Moreover, the market is optimistic about the improvement of copper consumption brought about by the repair of the domestic economy, and the rapid growth of the new energy field to boost copper consumption, since late July, the domestic inventory of the previous period has continued to decline, last week the previous copper inventory fell by 2,257 tons to 34,700 tons, low inventory short-term copper price storage to a certain support, is expected to continue to rebound
in the short term.
However, in the medium term, under the pressure of high inflation, overseas central banks will raise interest rates sharply, overseas economic growth will slow down, global copper consumption will face certain pressure, and copper prices will continue to fall in the future
.
