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Last week, Shanghai copper bottomed out
.
The average weekly settlement price of the current month's contract is 51864 yuan / ton, an average daily increase of 82 yuan / ton; The previous week's average price was 52,058 yuan / ton, down 0.
37%
from the previous week.
Shanghai copper stocks rose last week, increasing by 16,552 tons to 193347 tons, an increase of 9.
36%.
In terms of the outer disk, the copper runs
high.
The average price of LME copper in the first four trading days was 6781.
25 US dollars / ton, up 20 US dollars / ton per day; Last week's average price was 6721.
8 US dollars / ton, up 0.
88%
from the previous month.
On the macro front, China's industrial production accelerated its recovery in August, infrastructure investment basically recovered to the same period last year, production demand continued to recover, and economic operation continued to recover
steadily.
The Fed kept interest rates low as scheduled, reiterated its balanced inflation regime, and said it still had plenty of tools to stimulate the economy
.
The U.
S.
economy has recovered from the sluggish level in the second quarter, but the outlook remains uncertain, and the eurozone economy may rebound
strongly in the third quarter.
In terms of the market, in the week of September 18, domestic spot copper prices bottomed out
.
The average price of Yangtze River nonferrous metal net 1# copper was 52016 yuan / ton, up 126 yuan / ton per day, and the weekly line rose 1.
22%; The average price of the previous week was 52198 yuan / ton, down 182 yuan / ton compared with last week, down 0.
35%
from the previous week.
On the news front, Fitch expects copper production in the Republic of the Congo to decrease by 3.
5% in 2020, well below the previous forecast of an 18% decline
.
Supply from major copper producing countries such as Chile is recovering, and domestic smelting capacity is gradually increasing
.
China's refined copper production rose 9.
7%
year-on-year to 894,000 mt in August due to reduced smelter overhauls.
However, scrap supply remains tight, with scrap imports estimated to be down 50%
from last year.
Thanks to the recovery of market demand, the recovery situation of the automotive industry in August continued to improve, but the operating rate of all kinds of copper products declined, and the current domestic copper inventory has accumulated, but the peak season consumption has not been falsified
.
Global copper explicit stocks are at a low level, and with the import window closed, domestic inventories are expected to fall, and there is support
at the bottom of copper prices.
