Shanghai copper continues to rise, and it is easy to rise and fall in the short term

Today's domestic spot copper prices rose, Yangtze River non-ferrous metal network 1# copper price was reported at 49820 yuan / ton, up 190 yuan, premium 30-liter 90; Guangdong spot 1# copper price was reported at 49820 yuan / ton, up 190 yuan; Yangtze River spot 1# copper price 49930 yuan / ton, up 210 yuan, premium 120-liter 140; Shanghai spot 1# copper price was 49850 yuan / ton, up 235 yuan
.

In the spot market, the price of the holder is relatively strong, the buyer is slightly hesitant, the downstream maintains just consumption, and the trader is mainly
trading.
Chile's mining minister has stressed that miners' health has taken precedence over copper production, and some unions and local leaders have called for a complete shutdown in the hardest-hit areas, and supply concerns continue to simmer and copper prices remain supportive
.

Industry News:

1.
Glencore's Kamoto Copper Company (KCC) in Congo said six workers at its mines tested positive
for the virus.
The statement did not comment on whether this affected production, but a person familiar with the matter said it had not
.

2.
Chile's central bank announced that the country's trade surplus in June was $1.
39 billion, while copper exports were $2.
67 billion, up 0.
6%
year-on-year.

3.
Canada's Ivanhoe Mining Company said that the progress of its underground development of the Kakula copper mine has exceeded expectations, and it has now completed 5.
1 kilometers ahead of schedule, with a total of more than 17 kilometers
completed.
The Kakula copper mine is expected to be officially commissioned
in the third quarter of 2021.
Ivanhoe also said Kakula's 2,000-ton ore conveyor system began operations in June, which will further increase the mine's underground development rate
.
The megaproject's latest resource estimates, delivered in February, show that it holds 1.
4 billion tonnes of expressed grade copper at 2.
74% (83.
7 billion pounds) and another 339 million tonnes of inferred grade ore at 1.
68% at 12.
5 billion pounds (1%)
copper.

Fundamental changes: 1) refined copper began to accumulate, spot stocks in some regions turned to discounts, and high copper prices inhibited spot demand; 2) The weekly TC of copper concentrate was weak and stable around 51 US dollars, and the long order in the third quarter was 53 US dollars, and the medium-term supply of copper concentrate was still in a tight state; 3) Rumors of national storage and storage suddenly appeared in the after-hours market yesterday, but the specific plan has not yet been announced
.

Yesterday, Shanghai copper rose again at night, the main force approached the 50,000 line, from a fundamental point of view, the determination of long single TC sets the tone for medium-term supply, concentrate is still in a tight state, but it is difficult to have more speculation space, refined copper stocks began to accumulate, scrap copper consumption squeeze on refined copper accelerated the decline in processing fees, downstream demand has signs of
weakening 。 But the market once again reported the news of storage and storage, the current fundamental situation and the historical storage situation is very different, from the perspective of regulating the market there is almost no reason for storage and storage, the specific storage plan has not yet been announced, it is recommended to be cautious, the hot equity market on the nonferrous overall to support the overall role, copper prices are easy to rise and fall in the short term, long orders continue to hold
.