News summary
Shanghai copper market surged sharply todaycrash2ps1, spot prices exceeded 8crash2ps1.70,000 yuan/ton hit a record high. The closing price of the main monthly contract rose by 5.26% month-on-month, and the external trading copper rose by 2.20%, boosted by macro policies and market demand.
Newsletter text
The Shanghai copper market ushered in a historic surge, with an increase reaching a record high. On May 20, the Shanghai copper market performed exceptionally, with the intraday increase reaching the highest in history, and the futures price soared to more than 87,000 yuan/ton. The opening price of the 2407 contract was 84530 yuan/ton, the highest hit 88940 yuan/ton, and closed at 87670 yuan/ton, an increase of 5.26%.
Trading volume and positions both climbed, and market activity surged. On the same day, the trading volume of the main 2407 contracts of Shanghai copper increased by 152072 lots to 308590 lots, and the open position also increased by 3276 lots to 231426 lots, which indicates that the market's attention to Shanghai copper and trading activity has increased significantly.
Spot copper prices followed suit. Data from Changjiang Copper Network showed strong momentum. Domestic spot copper prices also rose strongly with the futures market today. The Yangtze River spot 1 #copper price reported 87330 yuan/ton, an increase of 4700 yuan. The Yangtze River Comprehensive 1 #copper price and Guangdong spot 1 #copper price both rose 4700 yuan to 87255 yuan/ton and 87180 yuan/ton respectively. The Shanghai 1 #copper price reported 87250 yuan/ton, up 4690 yuan.
The copper market also rose. The overall market sentiment was optimistic. The copper market also showed a strong upward trend during the Asian session. The latest quotation at 15:01 Beijing time was US$10951/ton, an increase of 2.20%. The market sentiment remained optimistic.
Spot market transactions were stable, but downstream receivers were cautious. Although the overall transaction in the spot market remained stable, the simultaneous sharp rise in current copper prices led to a cautious and conservative attitude of downstream receivers entering the market for inquiries. The market reflected obvious characteristics of just-needed consumption.
Macroeconomic factors resonate, strong market demand The resonance effect of U.S. economic data and Chinese policies has created the current prosperity of the copper market. The Federal Reserve's expectation of interest rate cuts and China's policies to stabilize real estate and expand the new energy vehicle industry jointly promote market sentiment.
Supply shrinking and global inventories tight, copper prices remain strong in the short term and resilience of downstream demand, shrinking domestic TC supply, and Comex's low inventory and short squeeze have jointly triggered a global buying spree for copper, which makes copper prices expected to remain strong in the short term.
The Shanghai copper market is sought after by funds, and the bull momentum is strong. The Shanghai copper market is currently being sought after by funds. The bull momentum in the market is strong. The rising momentum of the copper market shows no sign of abating. Today, Shanghai copper has exceeded the 87,000 yuan mark per ton, setting a new historical record.
