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Shanghai copper trend is strong, demand outlook is more optimistic

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

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Today's Shanghai copper trend is strong, the main month 2101 contract opened at 58020 yuan / ton, the highest intraday 58680 yuan / ton, the lowest 57860 yuan / ton, settled 58240 yuan / ton, closed 58620 yuan / ton, up 770 yuan
.
The main 2101 contract of Shanghai copper traded 96,247 contracts throughout the day, down 13,519 lots, and its position decreased by 815 to 87,961 lots
.

Shanghai copper

During the Asian session, London copper opened high and went higher, and the latest quotation at 15:00 Beijing time was 7911.
5 US dollars / ton, up 97.
5 US dollars, or 1.
25%.

In terms of the market, today's domestic spot copper prices rose, Yangtze River nonferrous metal network 1# copper price was reported at 58040 yuan / ton, up 120 yuan, discount 120-discount 60; Guangdong spot 1# copper price reported 58170 yuan / ton, up 120 yuan; Yangtze River spot 1# copper price 58110 yuan / ton, up 130 yuan, discount 40-discount 20; Shanghai spot 1# copper price was 58075 yuan / ton, up 200 yuan
.

In the spot market, shipments are more difficult, traders are partly buying on the dip, downstream just demand, and the transaction is not good
.
The United States will introduce hopes for more stimulus plans, and China's consumption performance is better, export orders drive copper companies to rebound, supporting copper prices to continue to strengthen
.

In terms of news, the World Bureau of Metal Statistics (WBMS) reported that the global copper market had a supply shortage of 1.
143 million tons from January to October 2020, compared with a supply shortage of 383,000 tons in 2019; in the first ten months, China's apparent demand was 12.
2 million tons, an increase of 182,000 tons
year-on-year.
Domestic automotive and other terminal markets continue to improve, demand prospects are more optimistic, spot copper prices are expected to rise
.

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