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On Monday, Shanghai copper remained strong, the main monthly 1812 contract opened at 49970 yuan / ton, the highest intraday 50390 yuan / ton, the lowest 49790 yuan / ton, settled 50070 yuan / ton, closed 49870 yuan / ton, up 510 yuan, or 1.
03%.
In the external market, Apanlon copper fluctuated at a low level, at 15:00 Beijing time, the latest quotation was 6243 US dollars / ton, down 62 US dollars, or 0.
99%.
On the macro front, the dollar recovered slightly to close at 96.
493 on Friday's non-farm payrolls data, but it was still at last week's lower level, as the market worried that this week's non-manufacturing PMI data may not be as expected, so the dollar's rally was limited
in the short term.
In addition to the U.
S.
economy, changes in the trade situation are also important factors affecting the dollar, as the safe-haven nature of the dollar has resurfaced recently, and on Tuesday the United States said it was "deeply disappointed" by the EU's advance in the World Trade Organization (WTO) lawsuit against the US and aluminum tariffs, and urged EU member states to seriously consider the broader interests
of both sides.
This led to a return to risk aversion in the market, pushing the dollar to rebound
.
In terms of the market, Shanghai spot copper quotations are 49870-50030 yuan / ton, up 725 yuan / ton, for 1811 contracts, 30 yuan / ton - 10 yuan / ton
liter.
The spot market transaction is not active, and the downstream procurement demand is insufficient, but the wet process supply is abundant
.
Good copper quotations are higher, but then lowered faster, until noon near heard of flat water transactions, it is expected that afternoon transactions will continue to remain inactive, does not rule out the possibility
of traders raising prices.
In refined copper, primary production in the first seven months is expected to increase by 0.
5% year-on-year, while scrap production is expected to increase by 6% and overall by 1.
5%.
China was the main contributor to such production growth, while Chile's production increased by 5%.
India's refined copper production, on the other hand, fell by 22%.
Australia, the Philippines, Poland and the United States have also seen production declines due to maintenance downtime and operational issues
.
The report shows that the global refined copper supply gap in the first seven months of this year was 155,000 tons
.
In terms of news, senior White House advisers said that Trump has not asked the cabinet to develop a trade plan with China, denying previous reports that Trump asked officials to develop a proposed trade plan with China, investors are worried that China and the United States may not be able to reach a trade agreement soon, macro risks have reappeared, and copper prices have been hindered
.
