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Shanghai copper volatility is strong, supply-side disturbances persist

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

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Today's Shanghai copper volatility is strong, the main month 2105 contract opened at 67020 yuan / ton, the highest intraday 67720 yuan / ton, the lowest 66380 yuan / ton, settlement 67070 yuan / ton, close 67040 yuan / ton, up 220 yuan
.
The trading volume of the Shanghai copper main 2105 contract increased by 12,362 lots 193756 lots throughout the day, and the position increased by 3,165 to 149707 lots
.

Shanghai copper

During the Asian session, London copper opened high and low, and the latest quotation at 15:00 Beijing time was 9054 US dollars / ton, down 76 US dollars, or 0.
83%.

In terms of the market, today's domestic spot copper prices rose slightly, Yangtze River nonferrous metal network 1# copper price was reported at 66990 yuan / ton, up 90 yuan, discount 130-discount 70; Guangdong spot 1# copper price was 66960 yuan / ton, up 100 yuan; Yangtze River spot 1# copper 67070 yuan / ton, up 100 yuan, discount 50-discount 10; Shanghai spot 1# copper price was 66775 yuan / ton, down 55 yuan
.

In the spot market, the willingness to buy is still not high, the wait-and-see mood is strong, the downstream just needs are the mainstay, and the overall transaction is average
.
There is support in fundamentals, copper mine supply disturbances continue, peak season consumption expectations still exist, but inventories have not yet ushered in an inflection point, macro uncertainty, short-term copper prices remain volatile
.

In terms of news, the traditional peak season is still expected to be consumed, downstream consumption has been differentiated, copper pipe demand is strong, but copper rod start is weak
.
Supply-side disruptions persist, strikes in Peru have delayed concentrate shipments, tight copper concentrate supply has continued, concentrate processing fees have remained low, and spot copper prices are expected to rise
.

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