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On Wednesday, Shanghai copper fluctuated around the daily moving average, the afternoon trend was weak, the main month 1808 contract opened at 51600 yuan / ton, the highest intraday 51780 yuan / ton, the lowest 51440 yuan / ton, settled 51590 yuan / ton, closed 51480 yuan / ton, down 80 yuan, down 0.
16%.
At 15:00 Beijing time, the latest quotation of London copper was 6686 US dollars / ton, down 41 US dollars, or 0.
60%.
In terms of spot, domestic spot copper prices rose slightly, CCMN Yangtze River Nonferrous Network 1# copper price was reported at 51270 yuan / ton, up 190 yuan, discount 220 - discount 160; Guangdong spot 1# copper price was 51430 yuan / ton, up 100 yuan; Yangtze River spot 1# copper price was 51320 yuan / ton, up 200 yuan, discount 160 - discount 120; Shanghai spot 1# copper price was 51290 yuan / ton, up 150 yuan
.
The discount continued to expand, and the market inquiry was more active, but the overall transaction situation decreased
from the previous day.
Macro news: 1.
The central price of the renminbi was lowered by 389 points to 6.
5569, a new low since December 25, and a six-day drop in a row, and today's decline hit the largest
since January 9, 2017.
2.
The profit of China's industrial enterprises above designated size in May increased by 21.
1% year-on-year, compared with a 21.
9%
increase in the previous value.
Profits of industrial enterprises above designated size in China increased by 16.
5% year-on-year from January to May and 15.
0%
from January to April.
Industry News:
1.
Oman's Mining Public Sector (PAM) has announced the launch of a new Al Hadeetha copper mine project
in the Mudhaibi region.
Speaking at the event, Justin Richard, CEO of Alara Resources, said the copper project has resource reserves expected to exceed 1.
6 million tonnes, making it one of the largest single copper resources in Oman with a mining life of about 10 years
.
2.
According to foreign media reports, the copper mine project in Michigan's Upper Peninsula is progressing well
.
Colonin Collard, managing director of Highland Copper, said the mine will be mined underground and is expected to mine 6,600 tonnes of ore per day, with an annual capacity of 2.
4 million tonnes
.
In addition, the company will also build and configure corresponding copper processing plants to process ore.
The company's internal rate of return is 18%.
Affected by the continued decline of London copper, Shanghai copper closed down in the afternoon, and the main contract closed at 51480 points, down 0.
16%.
Under the negative macro news of the trade war, London copper is sluggish, continuing to explore the lower support, although Shanghai copper has been boosted by domestic news such as RRR cuts, but dragged down, only to maintain a weak volatility market, under the premise of today's consumption off-season, copper price rebound still needs greater positive support
.
It is expected that copper prices still have room to fall in the near future, focusing on 51,000 points of support
.
