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Shanghai copper trend is weak short-term high price volatility

 Last Update: 2022-12-21
 Source: Internet
 Author: User

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Today's Shanghai copper trend is weak, the main month 2106 contract opened at 69270 yuan / ton, the highest intraday 69590 yuan / ton, the lowest 68450 yuan / ton, settled 68940 yuan / ton, closed 68720 yuan / ton, down 650 yuan
.
The trading volume of the main 2106 contract of Shanghai copper increased by 20491 lots throughout the day 181631 lots, and the position decreased by 11993 to 170267 lots
.

Shanghai copper

During the Asian session, London copper was on the strong side, and the latest quotation at 15:01 Beijing time was 9333 US dollars / ton, up 48 US dollars, or 0.
52%.

In terms of the market, today's domestic spot copper prices fell, Yangtze River nonferrous metal network 1# copper price was 68600 yuan / ton, down 400 yuan, discount 70-discount 10; Guangdong spot 1# copper price was 68490 yuan / ton, down 430 yuan; Yangtze River spot 1# copper 68590 yuan / ton, down 420 yuan, discount 60-discount 40; Shanghai spot 1# copper price was 68530 yuan / ton, down 410 yuan
.

In the spot market, traders are willing to raise prices, and downstream demand is just less mining, and the transaction performance is not good
.
The supply and demand of scrap copper are increasing, and the demand for copper rods and other fields is not good, but consumption is still expected to pick up, and short-term copper prices fluctuate
at a high level.

The copper market rebounded slightly on Tuesday, and the US CPI rose sharply, but it is estimated that the dollar still needs to find support
in the short term due to strong demand for 30-year US bonds, falling yields and a sharp decline in the US dollar.
The copper market is supported, but the strength is obviously not strong, and domestic and foreign inventories continue to increase slightly, and the weak consumption season is still under pressure
.
Watch for weekly resistance at $8930 effectiveness
.

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