Shanghai copper opened high and went low, and the decline rate continued to expand

During the Asian session, London copper opened low and went low, and the latest quotation at 15:01 Beijing time was 10248 US dollars / ton, down 168 US dollars, or 1.
61%.

In terms of the market, today's domestic spot copper prices fell, Yangtze River non-ferrous metal network 1# copper price was reported at 74780 yuan / ton, down 840 yuan, discount 250-discount 190; Guangdong spot 1# copper price was reported at 74780 yuan / ton, down 890 yuan; Yangtze River spot 1# copper 74900 yuan / ton, down 860 yuan, discount 120-discount 100; Shanghai spot 1# copper price was 74860 yuan / ton, down 840 yuan
.

In the spot market, the wait-and-see mood is strong, the downstream just needs to purchase, and the overall trading is quiet
.
Glencore's Mutanda copper-cobalt mine will restart as soon as next year, and copper supply may increase; The International Forged Copper Commission (IWCC) said that the global copper supply gap will reach 500,000 tons this year, and supply and demand will be basically balanced next year; The current macro atmosphere has returned to pessimism, and some metal prices are under pressure
.

At present, copper prices are still at a high level, high raw material costs continue to squeeze the profits of the cable industry, and small and medium-sized enterprises have limited affordability; Affected by high prices and other factors, the peak consumption season in the downstream market is not strong, terminal demand is suppressed, the production of the automotive industry is limited due to the shortage of chips, and spot copper prices are expected to fall
.