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The Shanghai copper shock is weak, suppressing the upward momentum

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

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Today's Shanghai copper shock is weak, the main month 2011 contract opened at 51390 yuan / ton, the highest intraday 51430 yuan / ton, the lowest 51080 yuan / ton, the settlement 51240 yuan / ton, the close 51260 yuan / ton, down 50 yuan
.
The trading volume of the main 2011 contract of Shanghai copper decreased by 2290 lots 120308 lots, and the position decreased by 1179 to 107577 lots
.

Shanghai copper

During the Asian session, London copper fluctuated running, and the latest quotation at 15:01 Beijing time was 6716 US dollars / ton, up 1.
5 US dollars, or 0.
02%.

In terms of the market, today's domestic spot copper prices fell slightly, Yangtze River non-ferrous metal network 1# copper price was reported at 51350 yuan / ton, down 120 yuan, 160 liters of water 220; Guangdong spot 1# copper price was 51230 yuan / ton, down 110 yuan; Yangtze River spot 1# copper price 51470 yuan / ton, down 80 yuan, premium 220-liter 240; Shanghai spot 1# copper price was 51365 yuan / ton, down 105 yuan
.

In the spot market, the demand for replenishment is gradually weakened, downstream on-demand procurement, and traders are mainly
wait-and-see.
Consumption in the fourth quarter should not be overly bearish, the current global copper inventory level is still not high, domestic inventory has no obvious signs of accumulation, short-term copper prices remain volatile
.

The traditional peak season in China has passed halfway, the "Golden Nine" has failed, and the consumption expectations for the "Silver Ten" have also been reduced, suppressing the upward momentum; The capacity utilization rate of copper smelters has risen, and automobile consumption in the future market is cautiously optimistic, but the current global inventory level is still not high, and spot copper prices are expected to fall
slightly.

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