freewhiterabbitslot| Yangtze River Nonferrous Metals: Copper prices rose on the 24th, and overall market transactions remained weak

Shanghai copper market dynamics on May 24freewhiterabbitslot: Shanghai copper was weak and volatile in early trading todayfreewhiterabbitslotIn the afternoon, due to the recovery of the futures market, the main monthly 2407 contract opened at 83610 yuan/ton, with the intraday high of 84400 yuan/ton and the lowest of 83200 yuan/ton. It was settled at 83950 yuan/ton yesterday, and closed at 84050 yuan/ton today, up 100 yuan, or 0freewhiterabbitslot.12%。The daily trading volume of the main 2407 contracts in Shanghai copper decreased by 81728 lots from 180540 lots, and the open position of 211017 lots decreased by 2504 lots.

Copper price statistics from Yangtze River Copper Network: Domestic spot copper prices rose today. Yangtze River spot copper price 1 #reported 83360 yuan/ton, up 290 yuan, discount 220-discount 180, down 50 yuan; Yangtze River Comprehensive 1 #copper price reported 83335 yuan/ton, up 355 yuan, discount 280-discount 170, up 15 yuan; Guangdong spot 1 #copper price reported 83370 yuan/ton, up 500 yuan, discount 290-discount 90, up 160 yuan; The price of 1 #copper in Shanghai reported 83270 yuan/ton, up 270 yuan, and a discount of 330-discount of 250 yuan, down 70 yuan.

Analysis of the copper market of Yangtze River Nonferrous Metals Network: During the Asian session, Luntong opened lower and moved higher. The latest offer was US$10404/ton at 15:01 Beijing time, up US$45/ton, or 0freewhiterabbitslot.43%。

The spot market continues to be sluggish, with cargo holders actively shipping on rallies, but downstream still stocking goods on demand. In the latter period, the holders had to lower the premium to attract replenishment because the trading transactions were still sluggish, but it did not effectively stimulate downstream purchasing enthusiasm. The overall market transactions are still weak, and purchasing caution dominates.

The market has responded to the Fed's hawkish remarks, while investors are still optimistic about further increases in copper prices after the correction, which has pushed copper prices to reverse their decline. Futures prices have now generally stabilized. In addition, market funds are still optimistic about tightening supply expectations, demand growth brought about by energy transformation and the continued strengthening of China's macro policies. These factors have provided strong support for copper prices. From the short-term trend, copper prices are expected to remain at a relatively high and volatile pattern. Operation advice, be cautious and avoid blindly short on rallies.

Changjiang Nonferrous Metals Network www.ccmn.cn Tel: 0592-5668838