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Daily review: support factors limited copper prices above or there is pressure

by:Deyuan      2020-12-25
The copper market analysis

1, the international market by rising oil prices and a weaker dollar index according to boost, copper high and volatile, and today from two and a half months lows, as of 16:00 (Beijing time), London metals ( LME) Copper latest offer $4677 up $23.

2, domestic futures today open Shanghai copper edged higher after concussion higher, afternoon rally has widened, the current month 1606 contracts opened 35530 high low settlement 35710 35470 35890, or 35850 yuan/ton, compared with the previous one day rose 440 yuan/ton, up to 1. 24%; Positions, clinch a deal in Shanghai all contracts 533574 hand today, holdings reduce 12338 to 748088 hands. Main contract deal 332574 hands, holdings to reduce 11806 to 316784 hands. Currently supporting factors co. , LTD. , Shanghai copper still is suppressed to some extent, the probability of short range is larger.

3, the spot market on May 17, according to statistics, the spot 1 # copper 35620 - quotation 35660 yuan/ton, compared with the previous trading rose 220 yuan/ton, 50 to discount discount 30 yuan/ton; Shanghai spot 1 # electrolytic copper 35610 yuan/ton, the last trading day rose 270 yuan/ton, smooth water copper clinch a deal the price rose 270, 35600 litres of 35620 copper price rise 270; Guangdong spot 7535560-1 # copper prices 35760 yuan/ton, compared with the previous trading day up 240 yuan/ton; Huatong spot 35675-1 # copper prices 35695 yuan/ton, compared with the previous trading day up 180 yuan/ton; By higher crude oil and fall in the dollar a boost, today Shanghai copper has strong, spot copper to rise somewhat, but downstream wait to clinch a deal the market overall.

related to watch
Chile's state copper company, Codelco) Chairman Oscar Landerretche said in an interview on Saturday, there have been many approached Codelco to explore mining assets sale, Landerretche confirmed that to sell assets including freeport-mcmoran of Chile, El Abra copper mine, which holds a 51% stake. He said that Codelco interested in & other; The right price & throughout; Sell the asset, owns 49% of its shares. Affected by copper prices tumbled, like other big miners, free port in the sale of assets to cut debt.
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