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Shanghai copper opens low and goes low, and downstream demand is still weak

 Last Update: 2022-12-21
 Source: Internet
 Author: User

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Today's Shanghai copper opened low and went low, the main monthly 2106 contract opened at 75420 yuan / ton, the highest intraday 75740 yuan / ton, the lowest 73530 yuan / ton, settled 74800 yuan / ton, closed 74560 yuan / ton, down 1460 yuan
.
The trading volume of the main 2106 contract of Shanghai copper decreased by 6947 lots throughout the day 237464 lots, and the position decreased by 6586 to 125491 lots
.

Shanghai copper

During the Asian session, London copper fluctuated running, and the latest quotation at 15:01 Beijing time was 10272 US dollars / ton, down 15 US dollars, or 0.
15%.

In terms of the market, today's domestic spot copper prices fell sharply, Yangtze River non-ferrous metal network 1# copper price was reported at 74870 yuan / ton, down 1020 yuan, premium 50-liter 110; Guangdong spot 1# copper price was 74960 yuan / ton, down 880 yuan; Yangtze River spot 1# copper 75030 yuan / ton, down 900 yuan, discount 140-discount 120; Shanghai spot 1# copper price was 74860 yuan / ton, down 1110 yuan
.

In the spot market, the willingness to receive goods is light, downstream consumption has not improved, and the trading atmosphere is poor
.
The market is worried about China's tightening credit, China will deal with the rapid rise in commodity prices, the current market demand is weak, and copper prices are suppressed
.

China will do a good job in market adjustment to effectively deal with the rapid rise of commodities and its associated impact; China's credit data in April mostly retreated, and the macro atmosphere is difficult to say optimistic; At present, domestic inventories still have no turning point in destocking, downstream demand is still weak, and spot copper prices are expected to fall
.

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