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There is a supply gap in the global copper market, the supply of imported crude copper is tight, the Sino-US trade conflict is eased, and the growth rate of China's industrial production has rebounded significantly, but downstream consumption may gradually slow down near the end of the year, and the upside of copper prices is limited, and copper prices are volatile this
week.
This week, London copper is on the strong side
.
The average price of LME copper in the first four trading days was 6197.
75 US dollars / ton, up 18.
75 US dollars / ton per day; Last week's average price was 6124.
8 US dollars / ton, up 1.
19%
from the previous month.
In terms of the market, in the week of December 20, the domestic spot copper price fluctuated this
week.
The average price of Yangtze River nonferrous metal net 1# copper was 48918 yuan / ton, down 16 yuan / ton per day, and the weekly line was 0.
16%; The average price of the previous week was 48,626 yuan / ton, up 292 yuan / ton compared with last week, up 0.
60%
from the previous week.
In terms of inventories, London copper continued to decline this week, with a cumulative decrease of 17,350 metric tons to 154,450 metric tons, a cumulative decrease of 10.
10%, and the lowest level since mid-March this year
.
Shanghai copper stocks continued to recover this week, increasing by 11,824 tons to 129069 tons, an increase of 10.
08%.
Copper market news
1.
A few days ago, Jiangxi Copper and Zambian crude copper producer under CNMC Qianbixi signed a benchmark of 128 US dollars / ton
for CIF imported crude copper in 2020.
This RC is well below the level of $165/mt for long orders executed this year, and is also close to SMM's estimated RC break-even point of $130/mt for smelters, reflecting expectations of tight crude copper supply in the market
.
The Pumpkin Hollow processing plant in Nevada has begun producing copper, making the mine the first new copper producer
in the United States in the past 10 years.
Nevada Copper said the plant will receive its first concentrate and first revenue
in the coming weeks.
The company's CEO said it was a "moment of transformation"
for Nevada Copper.
Looking ahead, the recent easing of the Sino-US trade conflict has improved the outlook for metal demand
.
China's economic structure is improving, and the pull of domestic demand on economic growth continues to strengthen, but external uncertainties are still complex, and there is still downward pressure on industrial production, Zambia's persistent drought or aggravated power shortages, adding uncertainty to copper supply again; Copper scrap imports continue to shrink, and the tight supply of raw materials continues, supporting copper prices
.
However, downstream consumption may slow down at the end of the year, infrastructure may have limited access to copper demand, copper inventories in the previous period have recently rebounded, and copper prices are expected to remain volatile next week, and there are downside risks
to the center of gravity.
