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Shanghai copper ended in a volatile end today, with the main contract closing at 48,800 points, down 0.
31%.
On the plate, the short-term moving averages are intertwined, the copper price operating range is narrowing, the trading volume is low, and the market trading is cautious
.
The weakening of the US dollar and the narrowing of the domestic refined waste price spread have brought some support to copper prices, but due to the panic caused by the trade war or will escalate again next month, copper prices are limited to rise, and it is expected to remain volatile in the near future, focusing on the 49,000 pressure level
.
In terms of the market, the price of recycled copper in Foshan fell slightly today, and the price performance was weak due to the lack of short-term good news support
.
However, the industry is still bullish on copper prices in the future, mainly based on the continuous decline in inventories and the expected improvement in copper demand in September and October
.
Although there are no bright spots in copper prices at present, the tight supply problem has been plaguing the market
.
Affected by the national environmental protection policy and the imposition of tariffs on imported scrap metals, the current orderers have significantly reduced the order scale, and the arrival of imported recycled copper continues to decrease, while the domestic supply of recycled copper is relatively limited and the grade is relatively low
.
For this reason, recycled copper holders maintain premium quotations
.
According to news, some manufacturers who have built factories in Southeast Asian countries to process scrap metal have resumed production one after another, and there will be goods returned in the near future
.
Industry News:
1.
Chile's national copper company (Codelco) and its labor union said Wednesday that strikers at its Andina copper mine rejected the latest version of the contract proposed by management
.
Eighty-three miners from the Plantas de Andina union went on strike on August 20 after negotiations on a contract for wages and bonuses between the two sides failed
.
2.
Ignatius, Minister of Energy and Mineral Resources of Indonesia.
Ignasius Jonan told reporters on Wednesday that Indonesia would extend the mining license unique to PT Freeport for another month through September
.
Yoonam said the license would be renewed monthly thereafter
.
