Today, copper prices jumped short and opened higher, soaring all the way, once exceeding 72,000. The highest price of copper futures reached 72,480, setting a recent highest price.
Today, Shanghai Copper opened at 72230, which rose by 1,600, and closed at 71730, which rose by 1,100.
Shanghai Copper 2201 daily chart
Goldman Sachs predicts that demand in developed markets is strong and all refined copper metals will be in short supply. The lack of signs of increase in supply is mainly due to the impact of the energy crisis. The metal's structural bull market is underway Accelerating, that is to say, the peak values of copper, aluminum, and zinc are rapidly approaching.
The world is currently facing a supply shortage. Downstream consumption is weakening before the Spring Festival, and there is a willingness to stock up on bargains. It is expected that inventories will maintain a downward trend.
Today's scrap copper market in various places:
Yangtze River spot: 1# copper: 72400-72440, up 1680;
Guangdong non-ferrous metals: 1# copper: 72170-72370, up 1690;
Nanhai non-ferrous metals: 1# copper pipe: 64600-64800, Up 900;
Shanghai Nonferrous Metals: 1# Copper: 72130-72260, up 1525;
Tianjin Spot: 1# Copper: 72370-72370, up 1650;
