November 18, 2024

Shanghai copper rose across the board, led by the Shanghai aluminum market

The Shanghai Futures Exchange copper futures once again approached the previous high point on Monday. In the absence of the opening of the market, the performance of the copper was still strong. There was almost no strong correction throughout the day. At the same time, the continued rise of the Shanghai aluminum market led Shanghai copper. The rise is also one of the characteristics of recent days. It can be seen from the changes in positions that domestic investors have taken the opportunity to step up their positions as lme is in the idle period. The February 2005 contract, which had a large position, closed at RMB29,290/tonne, up RMB4,100 from the settlement price of the previous session, closing 28,342 contracts and holding 129,000 lots. Ye Ling, Shanghai's mid-term futures analyst, pointed out that as long as aluminum and zinc futures are still in the compensatory growth period in the short term, prices remain at a higher position, the market will tend to be strong, copper will remain in a state of oscillation, and make up Once the rise is over, the market will turn to a quick dive. Zhongcai Futures analyst pointed out that the current US dollar is still maintaining a weak pattern, although the inventory decline rate has slowed down significantly, but has not yet restored signs of increase, the high price of copper may continue to extend the time. The Shanghai stock market has recently maintained its high level of oscillation under the guidance of a lack of external disk, but it should be alert to the operation trends of some of the country's main capital. Background information: LME base metals closed higher on Friday, and the strong closing of copper and aluminum means that it may rise further on the remaining trading days this year. Three-month copper strengthened by 15 to 3,075 U.S. dollars in the second round of intraday trading, suspending the downward trend starting at Wednesday's high of 3,157.50. The final closing price increased by 34 U.S. dollars or 1% to 3,094.00-3,095.00 U.S. dollars per ton.

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