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Copper & Shanghai copper extended gains to new high
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Shanghai Futures Exchange copper December 13 upward trend continues. Main 1103 contract opened at 67,770 yuan / ton, close to 68,780 yuan / ton, up 1,460 yuan / ton, the volume of 223,600 hand positions 226,200 hands. LME copper once again set a record high, despite China once again raised the deposit reserve ratio, but the prospects for demand for metals to promote the buying approach. In addition, the Chinese stock market with good economic data and strong, once again stimulate the market to do more popular. Shanghai copper disk breaking pressure 68000, short of the price will remain strong. London Metal Exchange (LME) copper futures climbed to a record high of electronic trading in Asia, due to increased borrowing costs to avoid China, despite rising inflation at the same time, as the world's largest consumer, China's import growth prospects for improved demand. LME 3-month copper futures intraday futures reported 9,108 U.S. dollars / ton. The People's Bank of China on Dec. 10 will raise bank reserve requirements by 0.5 percentage points, but did not raise interest rates, even if China November consumer price index rose 5.1%. So far in 2010, LME copper has risen 24% on expectations that demand for copper supply can not keep up, consume the inventory at the same time, the introduction of this metal supported by the exchange-traded products also increased utilization. Investors try to hedge against rising prices and a weak currency to provide support for copper. Macro level, China's central bank on Dec. 10 announced that from December 20, the raised deposit-taking financial institutions of RMB deposit reserve ratio by 0.5 percentage points, which is the sixth increase this year, which will enable large financial institutions deposit reserve ratio 18.5%. Although the Chinese central bank raised the deposit reserve ratio by the tightening of policy, and help eliminate overheating of the Chinese economy, but because the news has been the market expected, no apparent negative effects. Meanwhile, the central bank did not choose to raise interest rates, so that monetary policy efforts to be discounted. Chile Codelco CEO, Diego Hernandez, said Friday that the international price of copper in the medium term will remain high due to strong market fundamentals. Codelco, the world's largest copper producer. Diego Hernandez said the $ 5 per pound copper price outlook would be "speculative in nature." He said, "estimated that 130 million tons of copper next year, new supply will enter the market, which some analysts believe will support the price of copper resistance at around $ 4 per pound point of view. Estimated to exceed the level of copper." December 13 National Bureau of Statistics released data show that from January to November in China refined copper output reached 4.374 million tons, an increase of 12.6%, refined copper production which in November was 44.3 million tons, an increase of 4.5%, the chain increased 10.8%. Data show that China's copper concentrate 1 to 11 per month 1.157 million tons, an increase of 18.8%, of which copper concentrate production in November was 12.4 million tons, up 31.9%. Indicates that consumption of strong production increases.