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Shanghai copper trend is strong, the spot market atmosphere is quiet

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

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Today's Shanghai copper trend is strong, the main month 2107 contract opened at 70990 yuan / ton, the highest intraday 72380 yuan / ton, the lowest 70870 yuan / ton, settled 71390 yuan / ton, closed 71510 yuan / ton, up 120 yuan
.
The trading volume of the main 2107 contract of Shanghai copper increased by 30413 lots 138564 the whole day, and the position volume 130944 increased by 1277 lots
.

Shanghai copper

During the Asian session, London copper was weakly running, and the latest quotation at 15:01 Beijing time was 9959 US dollars / ton, down 56 US dollars, or 0.
56%.

In terms of the market, today's domestic spot copper prices rose, 1# copper price was 71720 yuan / ton, up 430 yuan, premium 80-liter 140; Guangdong spot 1# copper price was 71630 yuan / ton, up 430 yuan; Yangtze River spot 1# copper 71790 yuan / ton, up 420 yuan, premium 150-liter 170; Shanghai spot 1# copper price was 71740 yuan / ton, up 420 yuan
.

The atmosphere of the spot market is quiet, the willingness of holders to adjust prices is not high, and downstream and middleman enterprises are deterred by high prices, and transactions are weak
.
Domestic social stocks have been destocked sharply for two consecutive weeks, copper stocks in the Shanghai Free Trade Zone decreased by 03,300 tons from last Friday to 412,200 tons, BHP Billiton Chile copper mine labor negotiations are still continuing, the supply side is still supported, but consumption recovery is slow.

In terms of news, consulting firm CRU said that Indonesia is ready to increase domestic smelting, and Indonesia will ban copper concentrate exports from 2023 to promote domestic processing and increase exports
.
Spot copper prices are expected to rise as
mining companies await election results amid political uncertainty in Peru's mining industry.

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