Shanghai copper market dynamics on May 20: Shanghai copper opened aggressively today and pulled highersonicarcadegame, the intraday increase exceeded the highest in history, and the focus of the futures price soared above 87,000 yuan. The opening price of the main monthly 2407 contract was 84530 yuan/ton, the highest intraday high was 88940 yuan/ton, and the lowest was 84420 yuan/ton. The settlement was 83290 yuan/ton yesterday, and today's close was 87670 yuan/ton, up 4380 yuan, an increase of 5sonicarcadegame.26%。The daily trading volume of the main 2407 contracts in Shanghai copper increased by 152072 lots to 308590 lots, and the open position of 231426 lots increased by 3276 lots.
Copper price statistics from Yangtze River Copper Network: Today, domestic spot copper prices have skyrocketed sharply. The Yangtze River spot copper price 1 #reported 87330 yuan/ton, up 4700 yuan, with a discount of 220-a discount of 180, down 20 yuan; Yangtze River Comprehensive 1 #copper price reported 87255 yuan/ton, up 4700 yuan, a discount of 330-a discount of 220, down 20 yuan; The price of spot 1 #copper in Guangdong reported 87180 yuan/ton, up 4700 yuan, and the discount 450-discount 250, down 20 yuan; the price of 1 #copper in Shanghai reported 87250 yuan/ton, up 4690 yuan, and the discount 320-discount 240, down 30 yuan.
Analysis of the copper market of Yangtze River Nonferrous Metals Network: During the Asian session, copper rose strongly, and the market rose strongly. The latest offer was US$10951/ton at 15:01 Beijing time, up US$236/ton, or 2.20%.
The overall transaction in the spot market has maintained a steady operation, and the simultaneous surge in copper prices has made downstream receivers cautious and conservative when entering the market for inquiries, and the market has maintained demand for consumption. However, stimulated by the continued rise in copper prices, the difficulty for shippers to ship has also increased, and the overall trading atmosphere in the market has also become tense and cramped.
Internal and external macro factors resonate, and market sentiment is high. Economic data released by the United States last week boosted market expectations for the Federal Reserve to cut interest rates twice this year. China announced a "historic" policy to stabilize the real estate industry and expand the new energy vehicle industry to jointly promote market prosperity. At present, the Shanghai copper market is also boosted by the pursuit of funds, and the copper market bulls have a strong chasing momentum. In addition, driven by multiple factors such as the resilience of downstream demand, shrinking domestic TC supply, and the global rush to buy copper triggered by comex's low inventory and short squeeze, copper prices remained strong in the short term. Today, Shanghai copper exceeded 87,000 yuan per ton, setting a record high.
Changjiang Nonferrous Metals Network www.ccmn.cn Tel: 0592-5668838
