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Today's Shanghai copper climbed sharply, the main month 2008 contract opened at 50860 yuan / ton, the highest intraday 53520 yuan / ton, the lowest 50760 yuan / ton, settled 52360 yuan / ton, closed 52880 yuan / ton, up 2380 yuan
.
During the Asian session, London copper opened high and went high, and the latest quotation at 15:00 Beijing time was 6589.
5 US dollars / ton, up 160.
5 US dollars, or 2.
50%.
Today's domestic spot copper prices rose sharply, Yangtze River nonferrous metal network 1# copper price was reported at 53380 yuan / ton, up 2700 yuan, premium 90-liter 150; Guangdong spot 1# copper price was 53350 yuan / ton, up 2550 yuan; Yangtze River spot 1# copper price 53400 yuan / ton, up 2680 yuan, 60-80 liters; Shanghai spot 1# copper price was 53,000 yuan / ton, up 2,390 yuan
.
In the spot market, the price performance is strong, the high price inhibits the transaction, the downstream consumption is not good, the wait-and-see mood is strong, and the overall trading is poor
.
Chile's Zaldivar copper miners decided to go on strike, Peru's mining capacity has not yet fully recovered, and floods in China have raised concerns about logistics and refined copper production.
Industry News:
1.
Chilean trade unions said that 99% of the workers at the Zaldivar copper mine owned by Antofagastastas, Chile, rejected the collective wage agreement and decided to go on strike on July 15, pending government adjustment
.
2.
Zambia's mining minister said that the country's copper production from January to May totaled 342734 tons, a slight increase of 3.
85% year-on-year, compared with 330024 tons in the same period last year, with higher copper prices and increased production of electric vehicles, copper production is expected to rise
in the second half of 2020.
Fundamental changes: 1) The refined copper bank continued to rise to 200,000 tons last week, and LME stocks continued to decline to around 180,000 tons; 2) The weekly TC of copper concentrate was slightly lowered to $50, and the Antofagasta mine decided to strike, triggering market concerns about a large-scale strike at copper mines in Chile; 3) Spot premium areas showed differences, Guangdong increased premium, East China and North China remained near
Pingshui.
Copper prices rose sharply last Friday night, with the main force breaking upwards to approach 52,000
.
Under the shadow of the epidemic in Chilean mines, there was a phenomenon of mine strikes, which triggered market concerns about subsequent large-scale strikes, coupled with the aggravation of mine epidemic infections in Africa, the supply-side bullishness resonated
with the sentiment of the equity market.
This week focuses on the follow-up negotiations on the strike in Chile, if the strike is expected to land, copper prices still have room for imagination, and the recent market volatility may increase, pay attention to prevention and control risks
.
