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Copper prices fell slightly this week, and as of the end of this week, the average price of spot 1# copper in the Yangtze River was 67,360 yuan / ton, down 4.
5%
from 70,570 yuan / ton at the beginning of the week.
On the macro front, the US dollar index rose sharply and suppressed copper prices
as macroeconomic data in July showed increased downward pressure on the domestic economy and poor domestic economic data, triggering safe-haven demand.
In addition, the market's concerns about the resurgence of the epidemic and future economic development have caused international oil prices to continue to fall and drag down non-ferrous metals
.
On the supply side, on the one hand, the supply will gradually be more abundant
in the future when refinery maintenance is basically over, refining and processing fees have rebounded and sulfuric acid prices remain high.
On the other hand, there is news that Chile's Escondida copper miners will win big, and it is reported that BHP's massive Escondida copper mine has reached a historic benefits package, raising the possibility of a new round of
difficult negotiations and strikes at mines across the country.
In addition, residents of the Las Bambas copper mine in Peru accepted the proposal of President Pedro Castillo's socialist government to clear a barricade
on a metal transport road.
These two news mean that the foreign mine supply disturbance that the market was worried about has faded, and the pressure on copper mine supply has temporarily eased
.
In terms of news, the National Development and Reform Commission officially announced that it will continue to release copper, aluminum and zinc to ensure supply and price
stability.
The market's expectation that the NDRC will stop selling stocks comes from its statement that
the first two batches of releases have achieved their intended purpose.
Therefore, it is estimated that the rhythm and quantity of storage dumping in the later period will also be reduced, which will have little impact on the market
.
On the demand side, the current copper market is in the traditional seasonal off-season
.
The operating rate of the copper pipe industry continued to decline to 78.
2 in July; the automotive industry continued to be affected by the chip shortage, falling by more than
double digits year-on-year in July.
Overall, copper prices fell slightly this week due to macro factors and factors such as loose supply expectations and weak downstream demand
.
It is expected that before the arrival of the peak season, copper prices will maintain a weak pattern of volatility in the short term
.
