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Trade Service
On Tuesday, Shanghai copper maintained a high level of operation, the afternoon rally expanded, the main 1809 contract fluctuated between the 10-day moving average and the 20-day moving average, opening quotation of 49190 yuan / ton, the highest intraday 49500 yuan / ton, the lowest 48940 yuan / ton, settlement 49200 yuan / ton, closing 49310 yuan / ton, up 440 yuan, or 0.
90%.
In terms of the market, the spot price of Shanghai electrolytic copper for the current month contract was reported at a discount of 20 yuan / ton ~ 40 yuan / ton, the transaction price of flat water copper was 49100 yuan / ton ~ 49250 yuan / ton, and the trading price of copper was 49120 yuan / ton ~ 49280 yuan / ton
.
In terms of spot, the premium has narrowed, the market supply is sufficient, there is no large amount of imported copper, and the downstream transaction is weak
.
In terms of stocks, LME copper stocks were 254,700 tonnes as of July 23, down 625 tonnes from the previous day; As of July 24, SSE futures inventories were 101448 tons, down 3,338 tons
from the previous session.
Industry:
Arjun Ram Meghwal, India's water minister, told reporters on Monday that groundwater at Vedanta's South India copper smelter contained heavy metals
that exceeded drinking water limits.
Meghwal, citing information provided by federal pollution regulators, said an analysis of groundwater samples showed iron, lead, fluoride, cadmium and nickel levels well above permissible drinking water limits
.
A study by the Central Groundwater Authority showed that most of the groundwater samples around the Thoothukudi industrial zone were contaminated
.
2, BHP Billiton Ltd.
Salary negotiations at its Escondida copper mine, the world's largest copper mine
, are about to face a final showdown.
BHP is preparing its final offer for the week, and unions are preparing to launch a strike fight
.
BHP Billiton had submitted a final offer to the union earlier this week, giving workers five days to vote
internally before their contracts expire.
If the offer is rejected, the company and the union will also hold five-day government-brokered negotiations
.
In terms of news, the executive meeting of the State Council conveyed a positive signal, indicating that it will make more active use of fiscal policy, and adopt a loose and moderate monetary policy, macro sentiment has improved, coupled with the recent continuous decline in copper inventories, strike news has risen again, forming a more obvious support for copper prices, short-term copper prices are expected to continue the rebound market, short-term test long, set stop loss
.
FYI
.
