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Copper prices rebounded after opening low on Friday, and the market continued to tug at 70,000, and trading was generally stable
.
At the beginning of this week, metal prices fell and copper prices fell slightly as the US non-farm payrolls data for July was better than market expectations, triggering the Federal Reserve to narrow expectations; Later, due to the passage of the $1 trillion infrastructure bill by the US Senate, it will boost metal demand and drive the metal to rebound
.
In terms of industry, the production of overseas copper concentrate main producing countries has resumed, and the copper concentrate processing fee index has been revised upward during the peak production period of domestic mining enterprises, but the strike problem of workers in three copper mines in Chile has not been completely resolved, which still affects the nerves
of the market.
In terms of news, Malaysia's lockdown measures are difficult to ease for a while, and the supply of scrap copper in August remained tight, and the price difference of refined waste hovered at more than 1,000 yuan / ton; Under the combined effect of power curtailment in the south and new maintenance of smelters, it is expected that the output of electrolytic copper in August will reach about
820,000 tons.
In terms of consumption, the operating rate of scrap copper rod enterprises weakened slightly, the high prosperity of the automotive and electronics industries continued to support the demand for copper plates and strip foils, the release of delayed orders and the weakening of the copper scrap substitution effect led to a month-on-month recovery in the consumption of fine copper rods, while the consumption of copper tubes and copper rod industries turned weaker
.
On Monday, domestic electrolytic copper social stocks fell by 1,000 tons
.
There are variables on the supply side, resilience on the consumption side, hidden dangers in macro policies and epidemic development, and under the game of all parties, copper prices in August are expected to fluctuate mainly at a high level, and it is recommended to operate
within the range.
