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The rebound of Shanghai copper is not strong enough, and the short-term operation will still be weak

 Last Update: 2022-12-02
 Source: Internet
 Author: User

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1.
Summary of copper prices in major domestic cities

market	name of article	Material	Price range		Change	remark
Guangdong spot	1# Copper	1 #	35280-35480	Yuan/ton	-50	Tax included
Shanghai spot	1# Copper	1 #	35360-35480	Yuan/ton	0	Tax included
Shanghai spot	Flat water copper		35360-35460	Yuan/ton	10	Tax included
Shanghai spot	Liters of copper		35380-35480	Yuan/ton	0	Tax included
Shanghai	1# Copper	1 #	35350-35450	Yuan/ton	-50	Tax included
Foshan spot	1# Electrolytic copper plate	1 #	32800-33000	Yuan/ton	0	Tax not included
Jinan spot	1# Copper	1 #	35450-35450	Yuan/ton	-50	Tax included
Shenyang spot	1# Copper	1 #	35550-35550	Yuan/ton	-50	Tax included
Beijing spot	1# Copper	1 #	35500-35500	Yuan/ton	-50	Tax included
Tianjin spot	1# Copper	1 #	35500-35500	Yuan/ton	-50	Tax included
Wuxi spot	1# Copper	1 #	35500-35500	Yuan/ton	-50	Tax included
Xi'an spot	1# Copper	1 #	35550-35550	Yuan/ton	-50	Tax included
Chongqing spot	1# Copper	1 #	35550-35550	Yuan/ton	-50	Tax included
Guangzhou spot	1# Copper	1 #	35550-35550	Yuan/ton	-50	Tax included
Wuhan spot	1# Copper	1 #	35500-35500	Yuan/ton	-50	Tax included
Kunming spot	1# Copper	1 #	35600-35600	Yuan/ton	-50	Tax included

market name of article Material Price range Change remark Guangdong spot 1# Copper 1# 35280-35480 Yuan/ton -50 Tax included Shanghai spot 1# Copper 1# 35360-35480 Yuan/ton 0 Tax included Shanghai spot Flat water copper 35360-35460 Yuan/ton 10 Tax included Shanghai spot Liters of copper 35380-35480 Yuan/ton 0 Tax included Shanghai 1# Copper 1# 35350-35450 Yuan/ton -50 Tax included Foshan spot 1# Electrolytic copper plate 1# 32800-33000 Yuan/ton 0 Tax not included Jinan spot 1# Copper 1# 35450-35450 Yuan/ton -50 Tax included Shenyang spot 1# Copper 1# 35550-35550 Yuan/ton -50 Tax included Beijing spot 1# Copper 1# 35500-35500 Yuan/ton -50 Tax included Tianjin spot 1# Copper 1# 35500-35500 Yuan/ton -50 Tax included Wuxi spot 1# Copper 1# 35500-35500 Yuan/ton -50 Tax included Xi'an spot 1# Copper 1# 35550-35550 Yuan/ton -50 Tax included Chongqing spot 1# Copper 1# 35550-35550 Yuan/ton -50 Tax included Guangzhou spot 1# Copper 1# 35550-35550 Yuan/ton -50 Tax included Wuhan spot 1# Copper 1# 35500-35500 Yuan/ton -50 Tax included Kunming spot 1# Copper 1# 35600-35600 Yuan/ton -50 Tax included market name of article Material Price range Change remark Market market Product name, product name Material material Price RangePrice Range Ups and downs Remarks Note: Remarks Guangdong spot 1# Copper 1# 35280-35480 Yuan/ton -50 Tax included Guangdong spot 1# Copper 1# 35280-35480 Yuan/ton -50 Tax included Shanghai spot 1# Copper 1# 35360-35480 Yuan/ton 0 Tax included Shanghai spot 1# Copper 1# 35360-35480 Yuan/ton 0 Tax included Shanghai spot Flat water copper 35360-35460 Yuan/ton 10 Tax included Shanghai spot Flat water copper 35360-35460 Yuan/ton 10 Tax included Shanghai spot Liters of copper 35380-35480 Yuan/ton 0 Tax included Shanghai spot Liters of copper 35380-35480 Yuan/ton 0 Tax included Shanghai 1# Copper 1# 35350-35450 Yuan/ton -50 Tax included Shanghai 1# Copper 1# 35350-35450 Yuan/ton -50 Tax included Foshan spot 1# Electrolytic copper plate 1# 32800-33000 Yuan/ton 0 Tax not included Foshan spot 1# Electrolytic copper plate 1# 32800-33000 Yuan/ton 0 Tax not included Jinan spot 1# Copper 1# 35450-35450 Yuan/ton -50 Tax included Jinan spot 1# Copper 1# 35450-35450 Yuan/ton -50 Tax included Shenyang spot 1# Copper 1# 35550-35550 Yuan/ton -50 Tax included Shenyang spot 1# Copper 1# 35550-35550 Yuan/ton -50 Tax included Beijing spot 1# Copper 1# 35500-35500 Yuan/ton -50 Tax included Beijing spot 1# Copper 1# 35500-35500 Yuan/ton -50 Tax included Tianjin spot 1# Copper 1# 35500-35500 Yuan/ton -50 Tax included Tianjin spot 1# Copper 1# 35500-35500 Yuan/ton -50 Tax included Wuxi spot 1# Copper 1# 35500-35500 Yuan/ton -50 Tax included Wuxi spot 1# Copper 1# 35500-35500 Yuan/ton -50 Tax included Xi'an spot 1# Copper 1# 35550-35550 Yuan/ton -50 Tax included Xi'an spot 1# Copper 1# 35550-35550 Yuan/ton -50 Tax included Chongqing spot 1# Copper 1# 35550-35550 Yuan/ton -50 Tax included Chongqing spot 1# Copper 1# 35550-35550 Yuan/ton -50 Tax included Guangzhou spot 1# Copper 1# 35550-35550 Yuan/ton -50 Tax included Guangzhou spot 1# Copper 1# 35550-35550 Yuan/ton -50 Tax included Wuhan spot 1# Copper 1# 35500-35500 Yuan/ton -50 Tax included Wuhan spot 1# Copper 1# 35500-35500 Yuan/ton -50 Tax included Kunming spot 1# Copper 1# 35600-35600 Yuan/ton -50 Tax included Kunming spot 1# Copper 1# 35600-35600 Yuan/ton -50 Tax included

2.
Market review

Today's Shanghai copper opened low and fluctuated, although there was a rebound within the day, but the support was not enough, and the pressure fell
slightly.
The opening price of the current month's 1705 contract was 35370 yuan / ton, and as of 15:00 pm, the latest price was 35490 yuan / ton, down 220 yuan; The lowest price within the day is 35370 yuan / ton, and the highest price is 35650 yuan / ton
.
The main opening price of Shanghai copper was 35180 yuan / ton, and as of 15:00 pm, the latest price was 35280 yuan / ton, down 200 yuan; The lowest price within the day was 35070 yuan / ton, and the highest price was 35460 yuan / ton
.

Shanghai copper

Externally, London copper futures held above one-week lows today as the dollar weakened after U.
S.
manufacturing growth data for May was mixed, but analysts said there were no new demand drivers and prices could sort
out downwards at that point.
U.
S.
manufacturing activity expanded for the third straight month in May, but new order growth continued to slow, reflecting sluggish overseas demand and weak capital spending in the energy sector that continued to constrain factory activity
.
The London Metal Exchange (LME) three-month copper was last quoted at $4,598 a tonne, down 1.
1% last day and hitting its lowest
since May 24 at $4,565.
50 a tonne.
A break below the $4,540 support would look down at the low since February
.

3.
Overview of the domestic copper market

On the macro front, abroad, Saudi Arabia's crude oil freeze production agreement is slim, oil prices continue to fall, base metals are under pressure and low consolidation, coupled with the latest release of the US May ISM manufacturing index higher than expected, or support the Federal Reserve to raise interest rates as early as this summer, short-term commodity prices will remain under pressure
。 Domestically, China's official manufacturing PMI for May held steady yesterday, but the Caixin manufacturing PMI fell slightly for the fifteenth consecutive month of contraction, indicating that China's economy has not regained momentum, in addition, the market is worried that the growth of copper mining will weigh on the market in the off-season of demand in the coming months, copper prices are under pressure and will remain weak in the short term
.

In terms of the market, today's Shanghai electrolytic copper spot reported a premium of 80 yuan / ton - 120 yuan / ton, flat water copper trading price of 35360 yuan / ton - 35460 yuan / ton, and premium copper trading price of 35380 yuan / ton - 35480 yuan / ton
.
Shanghai copper fluctuated at a low level, holders continued to push up premiums, and some large traders led the market to digest low-priced sources in early trading, and quickly raised premium quotations, and the market followed the atmosphere strongly
.
During the day, the sentiment of cargo holders to sell increased, the market was difficult to find low-priced goods, and the transaction market changed from active to calm, but there was still no lack of inquiries
.
Overall, today's market transaction is led by traders to increase the proportion of trade flow, and some downstream continue to buy
at a low level.

4.
Copper closing situation

Today, Shanghai copper opened slightly upward, and then continued to weaken downward, the lowest copper 1608 contract was 35200 yuan / ton, the afternoon consolidation was strong and showed signs of stabilization, the 1608 contract finally closed at 35280 yuan / ton, down 200 yuan / ton, down 0.
56%.

The total position of Shanghai copper fell by 1,674 lots to 800,000 lots, with a total transaction volume of 480,000 lots
.
Today's Shanghai copper main decline is slightly slow, the market is still manipulated by bears, and it is expected to still test the support
below 35,000 yuan / ton.

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