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Shanghai copper opens low and goes low The fundamentals lack strong support

 Last Update: 2022-12-20
 Source: Internet
 Author: User

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Today's Shanghai copper opened low and went low, the main monthly 2103 contract opened at 58320 yuan / ton, the highest intraday 58580 yuan / ton, the lowest 57620 yuan / ton, settled 58000 yuan / ton, closed 57760 yuan / ton, down 1060 yuan
.
The trading volume of the main 2103 contract of Shanghai copper increased by 135091 lots 229939 lots throughout the day, and the position increased by 3930 to 126308 lots
.

Shanghai copper

During the Asian session, London copper fluctuated at a low level, and the latest quotation at 15:00 Beijing time was 7805 US dollars / ton, down 38 US dollars, or 0.
48%.

In terms of the market, today's domestic spot copper prices fell, Yangtze River nonferrous metal network 1# copper price was reported at 58010 yuan / ton, down 710 yuan, premium 30-90; Guangdong spot 1# copper price was 58030 yuan / ton, down 710 yuan; Yangtze River spot 1# copper 58120 yuan / ton, down 750 yuan, premium 110-liter 130; Shanghai spot 1# copper price was 57945 yuan / ton, down 825 yuan
.

In the spot market, wait-and-see is the mainstay, low-priced goods are difficult to find, downstream consumption is general, and stocking is nearing the end
.
Downstream demand weakened at the end of the year, there was uncertainty about the US stimulus plan, but the IMF raised its global economic growth forecast, short-term copper mine supply is tight and low inventories are still supported, and copper prices have limited
space below.

At present, the supply of the mine end is still tight, the copper concentrate processing fee TC continues to decrease, and the smelting cost is high; However, it is currently in the traditional off-season, the weakening trend of consumption remains unchanged, downstream enterprises are gradually on holiday, the fundamentals lack strong support, and spot copper prices are expected to fall
.

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