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Market wire in Nanhai metal scraps market in the morning
Dec 11(LTIT) –After the copper market digested the good news, London rallied in the range of 6,000-6,100 U.S. dollars. Most of the U.S. and Canadian markets held a very low probability of cutting interest rates this time around. The digestion of news and the sharp rise this week also pushed copper prices into a short-term sideways and waited for the direction. The domestic performance of this rally was better due to the favorable data. SHFE copper futures rose to the middle above 48000. However, this rally was different because the sustained increase in positions gave a positive impetus to the copper price, coupled with low inventory and delivery on Monday, so there was no profit-making operation panel for the time being. Judging from the current market situation, settlement funds continue to intensify at the end of the year. Apart from the demand for annual settlement, factories and enterprises have little experience in purchasing large quantities of recycled copper, but there is a phenomenon of stagflation. It is expected that short-term copper prices will continue to be supported before delivery. There is little room for profit-taking to depress the downward trend. However, attention should also be paid to the pressure brought by the tight funds in the last month of the year.

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