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Shanghai copper fell more than 3% at one point in overnight trading, remaining weak during the day, but the decline narrowed slightly, closing down 2.
1%.
The rebound of the US index and the collapse of coal dragged down sentiment, and copper prices could not escape the decline, but the low inventory support was still there, and the decline in futures prices was relatively limited
.
In the industry, in order to ensure market order, the LME conducted copper trading investigations, which led to a decline
in copper prices.
On the supply side, electricity prices soared, pressure on the supply side increased, and smelter maintenance in Guangxi was completed, but there was still a certain gap between output and full production; The limited electricity of local smelters in Jiangsu affects the capacity utilization rate of about
50%.
In terms of demand, the downstream procurement of copper prices is cautious, and the downstream copper rods are affected by power restrictions, and it is expected that the operating rate of wire and cable enterprises in October will be about
80%.
This week's copper scrap fell slightly by 200 yuan, Foshan Guangliang copper reported 65700-65900 yuan / ton on Friday, Jiangxi copper scrap fair price 66120 yuan, fine waste price difference in 3040 yuan, scrap copper substitution effect is strong
.
The market rose and fell sharply, and the market bullish atmosphere on Monday and Tuesday was strong, and the transaction also improved significantly.
In terms of copper plants, high prices limit downstream orders, copper rod traders in Guangdong receive goods on Wednesday and Thursday, fine scrap copper rod arbitrage space is large, some copper plants are afraid of heights to temporarily stop harvesting or purchase on demand, while Jiangxi power rationing tracking, the impact is relatively limited
.
Recently, copper inventories have repeatedly reached new lows in overseas mines, while high copper prices have weakened downstream consumer demand
.
However, at present, copper social inventory is still in a downward trend, in the absence of a large number of sources of inflow of support, supply and demand are weak, copper prices are still wide range volatility trend
.
