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Shanghai copper shock weakened downstream consumption is still weak

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

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Today's Shanghai copper shock weakened, the main month 2010 contract opened at 51450 yuan / ton, the highest intraday 51540 yuan / ton, the lowest 51030 yuan / ton, settled 51280 yuan / ton, closed 51130 yuan / ton, down 130 yuan
.
The trading volume of the main 2010 contract of Shanghai copper was 88666 lots, a decrease of 26887 lots, and the position volume decreased by 1931 to 109686 lots
.

Shanghai copper

During the Asian session, London copper rushed back down, and the latest quotation at 15:01 Beijing time was 6497.
5 US dollars / ton, down 19.
5 US dollars, or 0.
30%.

In terms of the market, today's domestic spot copper prices rose slightly, Yangtze River non-ferrous metal network 1# copper price was reported at 51400 yuan / ton, up 40 yuan, premium 50-liter 110; Guangdong spot 1# copper price was 51330 yuan / ton, up 20 yuan; Yangtze River spot 1# copper price 51450 yuan / ton, up 50 yuan, premium 110-liter 130; Shanghai spot 1# copper price was 51375 yuan / ton, up 65 yuan
.

In the spot market, holders maintained their willingness to hold prices, while downstream consumption remained sluggish and transactions were weak
.
The protests at Freeport's Grasberg project continued, LME copper stocks continued to decline and have fallen below the 100,000-ton mark, there is some support in fundamentals, the progress of macro-US trade negotiations has affected market sentiment, and short-term copper prices have
fluctuated.

In terms of news, according to the minutes of the Fed's July interest rate meeting, the uncertainty of the economic outlook caused by the new crown epidemic is still very high, and the Fed's monetary policy will not turn in
the short term.
The dollar index will continue to come under pressure, providing support
to non-ferrous metal prices.

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