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In July, copper prices consolidated at a high level, supply-side speculation temporarily stopped, demand weakened and dragged
down by Sino-US tensions.
In August, the impact of the main factors driving the sharp rise in copper prices in the early stage is weakening, on the one hand, the speculation on the supply side has been suspended, and the copper mine production in Chile and Peru has gradually normalized, and the tight supply at the mine end may be eased; On the other hand, after the Fed's interest rate meeting, it is difficult to have marginal easing policy stimulus
.
The demand side has limited increments, and domestic inventories have slowly risen, making copper prices face certain suppression
.
Copper prices may fluctuate weakly in August, and the Shanghai copper index focuses on support
around 48,000.
In terms of the market, on August 4, Shanghai copper spot 51600-51800 yuan / ton, liter discount (liter) 40-(liter) 120 yuan / ton
.
In terms of stocks, copper stocks in the previous period increased by 1,829 tons to 159513 tons
from last week.
On Friday, copper stocks in the Shanghai Free Trade Zone fell by 02,000 tons from the previous week to 215,500 tons, and inventories showed a slight decline after three consecutive weeks of accumulation, mainly due to a relative decrease
in storage.
According to the survey, the operating rate of wire and cable enterprises in July was 101.
61%, a decrease of 1.
53 percentage points from the previous month and an increase of 10.
14 percentage points
year-on-year.
The operating rate of cable companies weakened slightly month-on-month in July, and most factories reflected a decline in new orders in July, but the order performance was still good
year-on-year.
Industry News:
Southern Copper: During the reporting period, the company's copper production decreased by 1.
3% year-on-year to 253,097 tons, mainly due to the decline in Buenavista copper grade, and copper production in the first half of 2020 increased by 2.
1% year-on-year to 484,981 tons
.
First Quantum: In the first half of 2020, First Quantum produced a total of 364,344 tons of copper, a year-on-year increase of 19%.
Chile's national statistical agency: Chile's copper production in June 472172 tons, down year-on-year and month-on-month, but mining is still very good
despite the reduction of labor in mines during the new crown pneumonia epidemic.
Chile's national copper industry is restarting the Chuquicamata copper smelter that closed in June, which is located in northern
Chile.
