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Thanks to a weaker dollar and rising inflation expectations, copper prices have doubled over the past year to more than
$9,000 a tonne.
Last Thursday (April 29), the LME copper price touched $10,008 a tonne intraday, hitting the 10,000 mark for the first time since 2011, approaching a decade high of $
10,190.
During Labor Day, the overall performance of PMI data released by European and American countries was stable, and the Chicago PMI in the United States even recorded 72.
1 in April, far exceeding expectations
.
London copper remained volatile high, hitting a new 10-year high of $10,040 / tonne, closing at 9932
on Wednesday.
Base metals generally rose, London copper once rushed above $10,000 on Wednesday to close at 9940, slightly higher than before the holiday, London inventories decreased by 10,000 tons from April 30, written off warehouse receipts outflow, and prices rested slightly near the 10,000 integer mark
.
On the news, Chile's National Copper Commission reported Chile's copper production in March was 488,700 tons, down 1.
2% from the same period last year, due to long-term quarantine restrictions, and Ivanhoe announced that the Kamoa copper mine will start production in the next month, currently producing 200,000 tons per year, months earlier than expected
.
At present, the high copper prices are still supported by European and American financial stimulus policies, economic restart and demand growth, domestic refineries entered a centralized maintenance period in May, coupled with the decline in imported refined copper and scrap copper month-on-month, China is still expected to go to storage
slightly.
However, in late April, copper prices rose rapidly again, inhibiting the recovery of downstream consumption, resulting in a comprehensive weakness in the domestic price structure, which means that China is still digesting inventories, and import demand is weak, which also drags
down international copper prices.
In the case of speculative funds continuing to enter, copper prices are still volatile and strong, Shanghai copper 70,000 is the recent support area, a slight fall can still buy
on the dip.
Today 72800-72000
.
