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China's industrial profit growth fell to a six-month low in September, and official manufacturing hit its lowest since July 2016 in October, raising concerns about the economic growth of China, the world's second-largest economy and largest consumer of metals, and non-ferrous metals are generally under pressure.
In the market, domestic spot copper prices fell for four consecutive days during the week and rebounded
slightly.
The average price of Yangtze River nonferrous metal network 1# copper was 49308 yuan / ton, down 146 yuan / ton per day, and down 1.
46% on the weekly line; The average price of the previous week was 50,070 yuan / ton, down 762 yuan / ton compared with last week, down 1.
52%
from the previous week.
In terms of inventory, recently, London copper stocks have rebounded and risen, with a cumulative increase of 34,025 metric tons to 180375 metric tons, a cumulative increase of 23.
25%; Shanghai copper stocks decreased by 1401 tons to 147542 tons, or 0.
94%.
Copper Market News:
1.
Xanadu Mines announced a significant increase
in open-pit mining resources at its Kharmagtai project in Mongolia's South Gobi province.
At a copper cut-off grade of 0.
3%, the project has an open-pit ore resource of 598 million tons and a copper metal volume of 1.
9 million tons, an increase of 400% over the resources announced in 2015; Au content was 4.
3 million ounces, up 249%.
The shallow high-grade copper ore is 54 million tonnes at 0.
86% copper equivalent, of which 61% is a presumptive resource
.
2.
Ruben Fernandes, Anglo American's Brazil regional president, said the results of the ongoing drilling campaign at the edge of the Amazon rainforest were "very encouraging", suggesting a possible major copper discovery
.
The 19,000-square-kilometer project, which he described as the entire area of Israel, has been exploring the project since July and has drilled six holes
.
Outlook for the future: domestic infrastructure investment is still at a low level, the power sector is difficult to catch up, the growth rate of production and sales of home appliances and automobiles has declined significantly, real estate investment has improved but sales and completion are not good, and copper market demand is weak; Before China's new smelting capacity is launched, the spot market is still
mainly tight.
The fundamentals of the copper market have not improved significantly, macro factors continue to dominate the market, the expectation of easing the trade war has boosted the market, the central government held a high-standard private enterprise symposium to further inject confidence into the market, and copper prices are expected to rebound
next week.
