Yangtze River copper pricesimpsonspinballparty.ccmn.cn short comment: The Federal Reserve's high interest rates continue to trigger long withdrawals, and copper continued to fall 0.24% every other weeksimpsonspinballparty; China's high copper prices curb downstream consumption desire, while the spot market is being sold off by traders, copper is expected to fall today.
[Copper Futures Market] The Federal Reserve's high interest rates continue to trigger long withdrawals. Coupled with the hawkish Federal Reserve's successive signals not to cut interest rates temporarily, weakening the market's expectations for the prospects of metal demand and curbing some investment interest. Copper fluctuated and fell every other week, and the market closed in a weak position. The latest closing price was US$10334/ton, closing down US$25, a decrease of 0.24%. The trading volume of 16717 lots decreased by 13746 lots, and the position of 348302 lots increased by 116 lots. On Friday night, Shanghai copper opened lower, rebounded and then fell. It continued to fluctuate and lower within the session. The latest closing price of the main monthly 2407 contract was 83490 yuan/ton, down 370 yuan, or 0.44%.
The latest inventory of copper on the London Metal Exchange (LME) reported 112,675 metric tons on May 24, an increase of 2,650 metric tons or 2.41% from the previous trading day.
Changjiang Copper News: Shanghai copper continued to be weak and opened low today. At 09:01, the latest opening price of the main monthly 2407 contract was 83380 yuan/ton, down 570 yuan. The unexpectedly strong U.S. economic data led to a lack of buying interest in the market due to uncertainty about the timing of the Federal Reserve's interest rate cut, which triggered the market to be cautious about copper market sentiment. In addition, we have to face the fact that the strong rise in copper prices in the early period was mainly driven by financial investors rather than the actual demand of physical traders. This kind of speculative rally has a shaky foundation and is easily influenced by market sentiment and speculative funds. China's continued high copper prices have significantly curbed downstream consumption desires and brought heavy cost pressure to downstream consumers. At the same time, the spot market was sold off by traders. This selling intensified market volatility and also reflected market participants 'concerns and uneasiness about the future trend of copper prices. Based on comprehensive analysis, copper may fall today.
Changjiang Nonferrous Metals Network cjys.cn Tel: 0592-5668838