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Copper and Comex copper rose more than 2% on Friday during the Mid-Autumn Festival holiday, with the European Central Bank cutting the deposit rate by 10 basis points to -0.
5%
and the Sino-US trade conflict signaling easing on Friday.
The fundamentals of electrolytic copper are currently generally good, and under the influence of maintenance in September, the output of electrolytic copper rows has declined slightly, and the overall supply side is still in a contraction pattern
.
At the same time, the seasonal improvement of consumption has opened, the marginal improvement in the power grid, automobiles and other fields can be expected, and the electrolytic copper inventory may be dematerialized
in the middle of the month under the condition of good fundamentals.
With the support of fundamentals, macro benefits are expected to further pull up copper prices, and the early long bottom position continues to be held, and Shanghai copper is expected to break the 48000 line
.
Industry News:
1.
According to local media reports, the CEO of Codelco, the world's largest copper producer, said that copper prices will continue to fall next year due to
the increasing uncertainty caused by global trade tensions.
Octavio Araneda recently succeeded Nelson Pizarro, longtime CEO of Codelco, at the helm of Codelco
.
Touring the state-owned miner's operations in northern Chile, Codelco would seek to boost production
immediately.
2.
Indonesia's energy ministry has approved a new proposal that Freeport's Macmorun copper concentrate export limit will be raised to 700,000 tonnes until March
2020, officials told reporters on Friday.
Yunus Saefulhak, head of minerals at the Department of Energy, said the new limit was much higher than the 198,282 tonnes of copper concentrate initially approved for export
.
Freeport's Grasberg mine is expected to produce 1.
2 million tonnes of copper concentrate this year
.
After returning from the holiday, the market paid attention to the changes in international commodities, especially the price of crude oil in the external market soared by more than 10%, and the non-ferrous sector is expected to recover in shock.
Recently, global trade tensions have escalated, the economic outlook and monetary policy uncertainty of major economies are strong, and financial assets are at a sensitive time, but driven by China's emphasis on stability maintenance policies and the improvement of the prospect of a hard Brexit in the UK, the copper market in the non-ferrous sector adjusts and digests the increase in the short term, and the medium-term market is still optimistic, the aluminum market is expected to fluctuate, and it is recommended that aluminum see more and move less for the time being, and copper is mainly held lightly
.
