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As of the weekend, spot copper quotations were 52,335 yuan / ton, down 0.
32% from the beginning of the week, up 9.
97% year-on-year, and 6.
53%
from the beginning of the year.
Recently, copper prices have maintained a narrow range
.
Macro, the Fed's latest interest rate decision left the benchmark interest rate unchanged in the range of 0%-0.
25%, in line with market expectations
.
The Fed has also pledged to keep interest rates at current levels until inflation continues to rise
.
In terms of supply, Peruvian copper mine production has basically returned to normal, but the epidemic situation in South America is still worsening, and the supply of copper concentrate is still subject to certain restrictions
.
In addition, the supply of copper scrap is relatively tight and the price is firm
.
On the demand side, China imported 4.
27 million tons of copper and copper products from January to August, an increase of 1.
2 million tons over the same period last year, and the apparent demand was strong
.
Although the characteristics of the domestic peak season are still not obvious, the overseas economy has gradually recovered, continuing to drive copper consumption, and London copper stocks have fallen to a low level below 80,000 tons
.
Thanks to the recovery of market demand, the recovery situation of the automotive industry in August continued to improve, but the operating rate of all kinds of copper products declined, and the current domestic copper inventory has accumulated, but the peak season consumption has not been falsified
.
Global copper explicit stocks are at a low level, and with the import window closed, domestic inventories are expected to fall, and there is support
at the bottom of copper prices.
After the current market enters the peak season, the speed of inventory dematerialization is not good, but consumption has not been falsified, and it still takes time to observe the performance of demand; Mine supply is recovering, domestic refined copper production is also increasing, but scrap supply will remain tight, copper prices are expected to remain high volatility
.
