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June 23 copper market brief commentary

 Last Update: 2022-12-19
 Source: Internet
 Author: User

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Copper market summary: optimistic expectations of economic recovery drove the dollar weaker, overnight London copper closed up $85, domestic downstream consumption into the off-season, but Chile copper mine projects have been affected by the epidemic, copper is now rising
.

In futures, optimistic expectations of economic recovery after the epidemic pushed the dollar index weaker, and copper extended its rally overnight, with the latest closing quotation of $5,895 / ton, up $85, or 1.
46%.

Overnight, Shanghai copper opened high, and the latest closing price of the main month 2008 contract was 47750 yuan / ton, up 210 yuan, or 0.
44%.

In terms of the market, domestic downstream consumption has entered the off-season, the average operating rate of copper companies has declined, but the worsening of the epidemic in South America has caused supply disruption concerns, some copper mine projects in Chile have been affected by the epidemic, Chile National Copper Company will suspend the northern construction project, its largest copper mine to strengthen epidemic prevention measures, spot copper prices are expected to rise
.

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