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Today's domestic non-ferrous metals generally fell, after the morning opening shock downward, as of the noon close, international copper fell 1.
37%, Shanghai copper fell 1.
21%, today's North China electrolytic copper spot to the current month contract reported a discount of 20 ~ 100 yuan / ton, the average price of 40 yuan / ton was unchanged from the previous trading day, the transaction price was 69330-69600 yuan / ton, the average price was 69465 yuan / ton, down 210 yuan / ton
from the previous trading day.
Today's copper prices remained low and volatile, and the trading center of gravity moved
slightly lower than the previous session.
On the macro front, the US employment recovery in July was far ahead of schedule, and the Fed's early exit expectations strengthened, but this also confirmed that the economy is strong, and the short-term may cause financial market volatility to increase
.
However, from historical experience, the economy has indeed entered a growth cycle, and when the interest rate level is still low, the stock market and commodities remain strong
.
In the short term, pay attention to the pressure of
the epidemic on the domestic stock market and commodities.
In terms of stocks, domestic copper stocks on Friday were 171,000 tons, up 20,000 tons from the previous week, and China's bonded copper stocks were 392,000 tons, down 17,500 tons
from last week.
Bonded inventories fell for four consecutive weeks and imports increased
.
Overall, the off-season accumulation is mild, but the growth of domestic inventories has led to significant pressure on premiums
.
In terms of the market, as copper prices fell last Friday, the price difference of fine scrap narrowed to 500 yuan, scrap copper merchants were reluctant to sell obviously, the price advantage of low-oxygen rods over fine copper rods disappeared, and the purchase of fine copper rods increased
slightly.
In addition, as the premium fell, traders increased purchases again, and the premium rose slightly to 150 yuan
.
Reflecting the significant strengthening
of low-priced spot support.
On the news front, Chile's Escondida mining union called on workers to prepare
for a strike.
Mediation
is likely to continue this week as a procedure.
But the risk of strikes increases
.
Copper prices retreated last week, with the basis narrowing slightly, and the previously hotter spot market sentiment gradually returned to calm
.
Copper prices will find strong support in the short term, mainly due to persistently low
inventory levels.
Copper prices may continue to be under pressure in the short term, focusing on the downstream replenishment capacity
behind the price pullback.
