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Shanghai copper rose sharply, and macro favors supported the price climb

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

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copper precious metal

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Today's Shanghai copper rose sharply, touching an eight-year high during the session, the main monthly 2102 contract opened at 59190 yuan / ton, the highest intraday 60680 yuan / ton, the lowest 59000 yuan / ton, settled 60050 yuan / ton, closed 60310 yuan / ton, up 1130 yuan
.
The trading volume of the main 2102 contract of Shanghai copper increased by 31289 lots to 145940 contracts throughout the day, and the position decreased by 779 to 95088 lots
.

Shanghai copper

During the Asian session, London copper was strongly volatile, and the latest quotation at 15:00 Beijing time was 8208.
5 US dollars / ton, up 36.
5 US dollars, or 0.
45%.

In terms of the market, today's domestic spot copper prices rose sharply, Yangtze River nonferrous metal network 1# copper price was reported at 60350 yuan / ton, up 1010 yuan, premium 50-liter 110; Guangdong spot 1# copper price was 60360 yuan / ton, up 1090 yuan; Yangtze River spot 1# copper price 60420 yuan / ton, up 990 yuan, premium 120-liter 140; Shanghai spot 1# copper price was 60350 yuan / ton, up 1020 yuan
.

In the spot market, holders lowered their premiums, traders were cautious, downstream consumption was weak, and overall transactions were limited
.
The macro atmosphere is optimistic, the market risk appetite is increasing, and copper prices are rising, but the epidemic is still raging, and the current fundamental support is limited
.

In terms of news, copper ore project expansion in 2021, copper concentrate supply will increase, but driven by the development of new energy vehicles and other industries, demand growth may significantly exceed production growth, concentrate supply may remain tight; At present, global inventories are still at historical lows, macro benefits support prices to climb, spot copper prices are expected to rise
.

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