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Shanghai copper running low short-term rally too fast or adjusted

 Last Update: 2022-12-19
 Source: Internet
 Author: User

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Today's Shanghai copper running low, the main month 2009 contract opened at 50210 yuan / ton, the highest intraday 50220 yuan / ton, the lowest 49460 yuan / ton, settled 49890 yuan / ton, closed 50100 yuan / ton, down 380 yuan
.

Shanghai copper

During the Asian session, London copper opened low and went high, and the latest quotation at 15:01 Beijing time was 6323 US dollars / ton, up 53 US dollars, or 0.
85%.

In terms of the market, today's domestic spot copper prices fell, Yangtze River non-ferrous metal network 1# copper price was 50040 yuan / ton, down 430 yuan, 100-160 liters; Guangdong spot 1# copper price was 49975 yuan / ton, down 495 yuan; Yangtze River spot 1# copper price 50140 yuan / ton, down 440 yuan, premium 140-liter 160; Shanghai spot 1# copper price was 50,045 yuan / ton, down 495 yuan
.

In the spot market, downstream on-demand purchases, traders turn to next month's contract quotations, and the market is more cautious
.
Traditional off-season consumption weakened, inventories rebounded, downstream operating rates declined, China's industrial added value above designated size in July increased at a lower than expected year-on-year, hitting market sentiment, short-term copper prices or continuing the shock pattern
.

Most metals have entered the off-season, the market pays attention to the changes in downstream demand for metals, from the weekly inventory data of the previous period, it is known that Shanghai copper inventories have increased continuously in the past two weeks, and the latest weekly increase has exceeded 10,000, reflecting the current situation
of weak consumption.
Copper prices rally too fast or adjusted, below support 48000
.

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