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Copper prices are still dominated by macro this week, the outcome of Sino-US trade disputes is difficult to predict, and the gradual recovery of currencies led by the pound sterling, prompting the weakening of the US dollar is a big boost to copper prices; The downward pressure on the domestic economy has not improved significantly, but the optimistic infrastructure recovery has not yet materialized
.
The sharp rise in copper prices lacks support, and it is expected to rush higher and fall
back next week.
On the macro side, in response to foreign media saying that the United States recently issued an invitation to the Chinese side for consultations, China's Ministry of Commerce recently said that it had indeed received the invitation, which welcomed the attitude, and the two sides are communicating on specific details, and the escalation of trade conflicts is not in the interests
of either party.
Although Trump denied that the United States was under pressure to negotiate, market optimism continued, and copper prices rebounded
as tensions over the Sino-US trade war cooled.
In terms of the market, domestic spot copper prices rose
overall this week.
The average price of Yangtze River nonferrous metal net 1# copper was 48190 yuan / ton, up 152 yuan / ton per day, and up 1.
58% on a weekly basis; The average price of the previous week was 48,050 yuan / ton, up 140 yuan / ton compared with last week, up 0.
29%
from the previous week.
In terms of inventory, Shanghai copper stocks decreased by 1485 tons to 134566 tons this week, a decrease of 1.
09%, and the cumulative decline in the past 11 weeks fell by 49.
21%; London copper stocks continued to decline this week, with a cumulative decrease of 20,275 metric tons to 225,900 metric tons, a cumulative decrease of 8.
24%.
Market News:
1, 13 news, Chile's Collahuasi copper mine vice president of operations Francisco Carvajal said in Peru on Thursday that this year's Collahuasi copper mine produced 545,000 tons of copper, an increase of 4%
over 2017.
Located in northern Chile and controlled by Anglo American Plc and Glencore Plc, Collahuasi is one of
the world's largest copper mines.
2.
Peru announced the launch of a new copper mine project, the second major mining investment
in 6 weeks.
The US$1.
6 billion Mina Justa project in Ica, located on the southern coast, will produce 102,000 mt/year of copper concentrate starting in 2020
.
Looking ahead, although the added value of China's industries above designated size accelerated by 0.
1% in August compared with the previous month, the domestic economy is still not optimistic, the continuous slowdown in infrastructure investment most related to industrial products dragged the growth rate of fixed asset investment to continue to reach a new low, and the demand for non-ferrous metals in the future may continue to be weak; At present, the upward willingness of copper prices has weakened, and the market focuses on the prospects of Sino-US trade negotiations, and copper prices may still have upside
.
