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Shanghai copper oscillated around the moving average, and the overall transaction was quiet

 Last Update: 2022-12-22
 Source: Internet
 Author: User

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Today's Shanghai copper opened low and oscillated around the moving average, the main month 2107 contract opened at 71850 yuan / ton, the highest intraday 72240 yuan / ton, the lowest 71510 yuan / ton, settled 71860 yuan / ton, closed 71780 yuan / ton, down 560 yuan
.

Shanghai copper

During the Asian session, London copper fluctuated strongly, and the latest quotation at 15:01 Beijing time was 9981 US dollars / ton, up 46 US dollars, or 0.
46%.

In terms of the market, today's domestic spot copper prices fell, Yangtze River nonferrous metal network 1# copper price was reported at 71860 yuan / ton, down 400 yuan, discount 90-discount 30; Guangdong spot 1# copper price was reported at 71750 yuan / ton, down 480 yuan; Yangtze River spot 1# copper 71930 yuan / ton, down 400 yuan, discount 20-discount 0; Shanghai spot 1# copper price was 71720 yuan / ton, down 640 yuan
.

In the spot market, the quotations of holders are firm, the downstream consumption is general, and the overall transaction is quiet
.
Possible strikes at BHP's Escondida and Spence copper mines in Chile will threaten tight supply markets, but demand remains subdued, macro sentiment is uncertain, and short-term copper prices remain volatile
.

In terms of news, large copper producers such as BHP Billiton and Glencore have proposed plans to expand production, and the tight pattern at the mine end is expected to gradually ease; Prices have fallen recently, but remain at a high level, with downstream copper processing companies under pressure, while refined copper production and scrap imports have grown steadily, and spot copper prices are expected to fall
.

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