September 25 Copper Market Brief Review

Shanghai copper rebounded on Tuesday, weakened power after midday and declined, as of the close of the day, the main 1911 contract of Shanghai copper closed at 47120 points
.
The Eurozone September manufacturing PMI hit its lowest level since October 2012, dragging down copper prices, but the US manufacturing PMI data for September picked up, coupled with the technical downward trend of the US dollar index, releasing copper price pressure
.
In the short term, power grid investment is expected to pick up, but the downward pressure on the domestic economy is greater, and the overall rise and fall range is limited, ranging from 4.
7-47,500
.
Operationally, the small long holiday is coming, the market risk aversion is increasing, and the downstream attention is mainly
wait-and-see.

Industry News:

1.
The International Copper Research Group said on Monday that the global supply gap of refined copper was 21,000 tons in June and 70,000 tons in May, up slightly from
the preliminary data previously reported.
In the first half of the year, the supply gap in the refined copper market widened by 24% year-on-year to 220,000 tons
.
Preliminary data show that apparent usage fell by about 1%
over the same period.
Copper consumption in China increased by about 3%, offset by a decline of about 3% in other regions, especially in the European Union and Japan

2.
According to the latest data from the General Administration of Customs, China imported 100,000 tons of copper scrap in August, down 21.
6% month-on-month and 55.
5%
year-on-year.
From January to August, a total of 1.
09 million physical tons of scrap copper were imported, a year-on-year decrease of 31.
5%