Yangtze River copper pricecrashbandicootnsane.ccmn.cn short comment: comex copper squeeze risk and emotional help from long capitalcrashbandicootnsane, copper soared by nearly 2.3% overnight; the macro atmosphere at home and abroad was positive, and the combination of short covering triggered bulls to continue to bullish on copper prices. Copper is expected to rise today.
[Copper futures market] Comex copper squeeze risk and long-term sentiment. Coupled with the influence of technical buying and short covering, copper continued its strong trend overnight and closed at the end of the session. The latest closing price was US$10959/ton, surged by US$244, or 2.27%. The trading volume increased by 2714 lots from 35928 lots, and the position of 341157 lots increased by 568 lots. In the evening, Shanghai copper fluctuated upward, and the rally performance remained strong. The latest closing price of the main monthly 2407 contract was 87600 yuan/ton, up 860 yuan, or 0.99%.
The latest inventory of copper on the London Metal Exchange (LME) reported 105,900 metric tons on May 18, an increase of 2,250 metric tons or 2.20% from the previous trading day.
Changjiang Copper News: Shanghai copper opened higher and popular today. At 09:01, the latest opening price of the main monthly 2407 contract was 87900 yuan/ton, up 1160 yuan. The macro atmosphere at home and abroad is positive, including the increased expectation of the Federal Reserve to cut interest rates and frequent favorable policies for China's real estate. Market optimism is high, pushing domestic and foreign copper prices to new highs. In early trading today, the non-ferrous metals market continued its strong start. The upward momentum of Shanghai copper and international copper remained unchanged. Short covering further stimulated bulls 'bullish expectations for copper prices. Recently, the disruption of overseas copper ore supply continues, and the TC (processing fee) of domestic smelters has dropped to negative values, indicating that the tight supply situation at the mine end will continue, which further deepens the market's concerns about the supply end. At the same time, COMEX copper deliverable is limited, and the risk of squeeze positions still exists. In the short term, the market's enthusiasm for long will not diminish. Macroeconomic factors will continue to dominate the price trend, and spot copper prices are expected to continue to rise.
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