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The US dollar stopped falling and rebounded, coupled with the implementation of the US $16 billion commodity mutual tariffs between China and the United States, Shanghai copper fell again under pressure today, and the main contract closed at 47990 points, down 1.
19%.
Due to the lack of news on trade negotiations, and the mutual tariffs will still be implemented as scheduled during the negotiations, the market confidence is low, and the copper price rise is weak, which once again falls into weakness; At the same time, after the release of the minutes of the Fed's August meeting, the market expects that the probability of raising interest rates in September has reached 94%, and the recovery of the US dollar has suppressed copper prices; The short-term macro bearish has not been repaired, and copper prices still have room
for decline.
Citing a study by Chilean copper board Cochilco, El Mercurio said a series of bills aimed at protecting Chile's glaciers could eventually halt five mining expansion projects
.
Sites likely to be affected include Los Pelambres in Antofagasta, Andina and Teck in Codelco and Goldcorp's Nueva Union project, all located near
Chilean glaciers.
Cochilco also said that if these mining projects were forced to be terminated, Chile's copper production would be reduced by about 300,000 tons
by 2030.
