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Shanghai copper strong trend demand side will accelerate growth

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

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Today's Shanghai copper is on the strong side, the main month 2107 contract opened at 73040 yuan / ton, the highest intraday 74550 yuan / ton, the lowest 72770 yuan / ton, settled 73740 yuan / ton, closed 73950 yuan / ton, up 620 yuan
.
The trading volume of the main 2107 contract of Shanghai copper decreased by 52,679 lots 193071 throughout the day, and the position increased by 1191 to 140188 lots
.

Shanghai copper

In terms of the market, today's domestic spot copper prices rose, Yangtze River non-ferrous metal network 1# copper price was reported at 73600 yuan / ton, up 220 yuan, discount 830-discount 20; Guangdong spot 1# copper price reported 73510 yuan / ton, up 170 yuan; Yangtze River spot 1# copper 73670 yuan / ton, up 200 yuan, discount 0-liter water 20; Shanghai spot 1# copper price was 73600 yuan / ton, up 210 yuan
.

Today coincides with the UK Spring Bank Holiday, the LME market is closed without data updates, and trading resumes on Tuesday, June 1
.
In the spot market, the receiver is mainly wait-and-see, and the downstream just needs to consume, and the overall transaction is general
.
Chilean strikes continue, mine disturbances continue, domestic demand has improved, domestic inventories have begun to deteriorate, and fundamentals are supported
.

The number of new copper discoveries in recent years has been insufficient, and Standard & Poor's said that new copper discoveries in recent years are well below the average of the past decade, and as decarbonization continues to advance, the demand side will accelerate; Copper inventories fell by 13,303 tonnes to 207821 tonnes last week, a two-week streak of decline, and spot copper prices are expected to rise
as fundamentals improve recently.

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