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The IMF lowered its global economic growth forecast this year to 3%, a new low since the global financial crisis, overnight London copper under pressure downward, the latest closing quotation of 5776 US dollars / ton, down 44 US dollars, or 0.
76%, the volume of 11688 hands decreased by 5080 lots, and the position 283294 decreased by 2749 lots
.
Chile's national copper company (Codelco) has agreed to a spot copper premium of $98 per tonne for European buyers in 2020, unchanged from 2019 levels
.
In 2020, Codelco sent a long order premium of electrolytic copper to China
, which is proposed to be $88.
Chile's National Copper Commission: August copper production fell 0.
4% year-on-year to 3.
76 million mt
.
Logic: The trade war slows down and bullish copper prices, but overall demand remains weak and the rebound momentum is insufficient
.
After the National Day, the Sino-US trade war has temporarily eased, and the recovery of risk appetite in the financial market provides a certain neutral environment for copper and aluminum, but fundamentally, as copper and aluminum gradually enter the traditional off-season, coupled with the intensity of non-ferrous environmental protection investigation or punishment in the fourth quarter is not as expected, it is recommended that copper and aluminum look more and move less, and wait and see for
the time being.