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Shanghai copper runs high metal consumption remains strong

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

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Today's Shanghai copper running at a high level, the main monthly 2101 contract opened at 57410 yuan / ton, the highest intraday 59210 yuan / ton, the lowest 57110 yuan / ton, settled 58150 yuan / ton, closed 57830 yuan / ton, up 700 yuan
.
The trading volume of the main 2101 contract of Shanghai copper increased by 157958 lots to 280050 contracts throughout the day, and the position decreased by 5821 to 102568 lots
.

Shanghai copper

During the Asian session, London copper fluctuated downward, and the latest quotation at 15:00 Beijing time was 7817.
5 US dollars / ton, down 55.
5 US dollars, or 0.
70%.

In terms of the market, today's domestic spot copper prices rose sharply, Yangtze River nonferrous metal network 1# copper price was reported at 58090 yuan / ton, up 1100 yuan, premium 50-liter 110; Guangdong spot 1# copper price was 58060 yuan / ton, up 1080 yuan; Yangtze River spot 1# copper price 58170 yuan / ton, up 1100 yuan, premium 110-liter 130; Shanghai spot 1# copper price was 58395 yuan / ton, up 1385 yuan
.

In the spot market, the holders lowered the premium, the receivers were more willing to reduce prices, the downstream consumption weakened, and the trading was
deadlocked.
The US stimulus talks remain deadlocked, but more stimulus measures in Europe have boosted market optimism, and there has been no significant change
in fundamentals.

In terms of news, ANZ expects global demand to grow by 4% next year, mainly driven by Chinese demand, which is expected to shrink by 3.
8% this year; Fitch said the mining and metals industries are expected to pick up next year, with China's infrastructure projects advancing rapidly and metal consumption remaining strong
.
The annual target of domestic power grid investment has not yet been completed, and it is expected to accelerate the progress by the end of the year, and spot copper prices are expected to rise
.

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