Copper prices still maintain a narrow range in the short term

On the macro front, at the beginning of the week, the dollar retreated and the metal rebounded, after the US small non-farm was less than expected, the United States announced on Thursday that the number of initial jobless applications in the previous week was 340,000, a new low, and copper prices fell slightly
.

On the supply side, there is more policy news this week, affecting copper supply
.
One is that the third batch of domestic storage dumping landed, the earliest will arrive next week, and lower than the market price, which is conducive to reducing the cost of downstream enterprises, and the reduction in production caused by power cuts can be further compensated, and the market supply pressure is eased
.
The second is the passage of the mining tax bill by Chilean mining, which will result in a significant increase in the effective tax rate, affecting future mining investment, and copper mine development is expected to be reduced
in the future.
Codelco, the world's largest copper producer, said on Thursday that two unions at Chile's Andina copper mine had reached a collective bargaining agreement with the company to end a strike
that began in mid-August.

In terms of demand, the production and sales of traditional automobiles fell significantly in July, and although the production and sales of new energy vehicles are growing, the absolute amount is not very large, and the pull on copper consumption is still not enough; As an important area for the use of copper pipes, air conditioning production in July was declining
year-on-year and month-on-month.