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Shanghai copper oscillated to the downside, but fundamental support remains

 Last Update: 2022-12-24
 Source: Internet
 Author: User

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Today's Shanghai copper shock downward, the main month 2203 contract opened at 70910 yuan / ton, the highest intraday 71230 yuan / ton, the lowest 69770 yuan / ton, settlement 70100 yuan / ton, closed 69780 yuan / ton, down 320 yuan, down 0.
46%.

The main 2203 contract of Shanghai copper had a full-day trading volume of 85803 lots, a decrease of 9504 lots, and a decrease of 8330 lots 129985 positions
.

Shanghai copper

During the Asian session, London copper fluctuated weakly, and the latest quotation at 15:01 Beijing time was 9736 US dollars / ton, down 169 US dollars, or 1.
71%.

In terms of the market, today's domestic spot copper prices continued to rise, Yangtze River nonferrous metal network 1# copper price was reported at 70550 yuan / ton, up 190 yuan, 100-160 liters; Guangdong spot 1# copper price was reported at 70400 yuan / ton, up 200 yuan / ton; Yangtze River spot 1# copper 70550 yuan / ton, up 180 yuan, premium 110-liter 150; Shanghai spot 1# copper price was reported at 70490 yuan / ton, up 230 yuan
.

In the spot market, traders are afraid of decline, actively shipping to realize, receivers are still not happy, and the demand for stocking is not high
.
The prospect of US interest rate hikes has boosted the strengthening of the US dollar, while the stock market is more pessimistic, but the non-ferrous metals market is not under obvious pressure, coupled with local disturbances from suppliers and low inventories still supported, copper prices have limited downside
.

The rising geopolitical risks of Russia and Ukraine have suppressed market risk appetite, but the atmosphere of the colored sector is good, and copper prices are expected to rise due to
the seasonal weakening of the Spring Festival holiday and the decline in demand and the good macro orientation and good fundamentals.

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