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Shanghai copper runs at a low level and the decline has narrowed

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

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Today's Shanghai copper low running, the end of the decline has narrowed, the main month 2101 contract opened at 58000 yuan / ton, the highest intraday 58080 yuan / ton, the lowest 57140 yuan / ton, settlement 57700 yuan / ton, close 57850 yuan / ton, down 650 yuan
.
The trading volume of the main 2101 contract of Shanghai copper decreased by 17,530 lots throughout the day 167233, and the position increased by 441 to 114908 lots
.

Shanghai copper

During the Asian session, London copper bottomed out, and the latest quotation at 15:00 Beijing time was 7777 US dollars / ton, up 31 US dollars, or 0.
40%.

Today's domestic spot copper prices fell, Yangtze River nonferrous metal network 1# copper price was reported at 57500 yuan / ton, down 1090 yuan, premium 110-liter 170; Guangdong spot 1# copper price was 57360 yuan / ton, down 1330 yuan; Yangtze River spot 1# copper price 57630 yuan / ton, down 1020 yuan, premium 240-liter 260; Shanghai spot 1# copper price was 57570 yuan / ton, down 990 yuan
.

In the spot market, the sharp drop in prices triggered market buying, the discount turned into premium, and the transaction picked up
.
The macro sentiment remains pessimistic overall, although global explicit inventories remain low, the Las Bambas copper mine in Peru is gradually reducing production due to protests, and there may be support
below copper prices through the US Covid relief program.

The current worsening of the epidemic in the UK, as well as new lockdowns and travel bans, has increased uncertainty about the impact on the economy and increased risk aversion in the market; Domestic rush demand may weaken, rain and snow may lead to a decline in the operating rate of infrastructure projects, while new smelting capacity continues to climb, and spot copper prices are expected to fall
.

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