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Shanghai copper runs at a low level Spot copper prices are expected to fall sharply

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

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Today's Shanghai copper running low, the main monthly 2107 contract opened at 73380 yuan / ton, the highest intraday 73500 yuan / ton, the lowest 72610 yuan / ton, settled 73060 yuan / ton, closed 73020 yuan / ton, down 950 yuan
.
The trading volume of the main 2107 contract of Shanghai copper increased by 4166 lots to 159440 contracts throughout the day, and the position decreased by 4259 to 137885 lots
.

Shanghai copper

During the Asian session, London copper opened high, and the latest quotation at 15:01 Beijing time was 10129 US dollars / ton, up 15.
5 US dollars, or 0.
15%.

Today's domestic spot copper prices fell, Yangtze River nonferrous metal network 1# copper price was reported at 73020 yuan / ton, down 670 yuan, premium 50-liter 110; Guangdong spot 1# copper price was reported at 72940 yuan / ton, down 630 yuan; Yangtze River spot 1# copper 73140 yuan / ton, down 610 yuan, premium 170-liter 190; Shanghai spot 1# copper price was 72910 yuan / ton, down 730 yuan
.

In the spot market, the downstream has not seen a significant improvement, traders are mainly circulating, and the transaction is general
.
The continued decline in the Yangshan copper premium suggests weaker demand and the possibility of tightening monetary policy by the Federal Reserve, which is a drag
on copper prices in the short term.

In terms of news, with Zijin Mining's Kamoa-Kakula large-scale copper mine project in the Democratic Republic of Congo (DRC) put into operation ahead of schedule, the tight global copper mine supply situation is expected to gradually ease in the second half of the year, but the political risks of mining in Chile and Peru remain; Recently, the dematerialization of overseas inventories has slowed down, domestic refined copper production has grown steadily, and spot copper prices are expected to fall
sharply.

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