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Today's Shanghai copper rebounded slightly and extended its decline, closing at 69220, down 760, or 1.
09%.
On the news front, workers at Chile's Escondida copper mine, the world's largest copper mine, voted to strike, rejecting a final proposal for wage demands from copper mine owner BHP Billiton, a move that is expected to raise concerns
about global copper supplies.
Chile's labor law provides that management has the option to use at least five days for government mediation
before a strike begins.
According to Chile's National Copper Commission, Escondida's cumulative copper production in the first half of this year fell by 14.
9% year-on-year, which is partly related
to operational restrictions and irregular strikes caused by the new coronavirus.
The spread of the domestic epidemic is grim, the recovery of industry at home and abroad weakens market confidence, while on the other hand, crude oil prices fell sharply within the day, the domestic process of popularizing carbon emissions from manufacturers increased, and the relevant domestic departments reiterated the theory of commodity prices to the top, aggravating market worries, and the decline in Shanghai copper accelerated after midday to break through the previous support level of around
69,500.
In the short term, market confidence has suffered multiple rounds of bombardment, the copper market may continue to explore the downward search for support levels, night trading can pay attention to whether there is a support effect around 69,000, and the strong support below is 68,000.
