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Today's Shanghai copper opened high, the main month 1810 contract opened at 48560 yuan / ton, the highest intraday 48880 yuan / ton, the lowest 48540 yuan / ton, settled 48750 yuan / ton, closed 48790 yuan / ton, up 350 yuan, or 0.
72%.
On the macro front, the tariffs on US imports of US$16 billion to China have officially landed, and trade frictions
have not slowed down.
At present, Sino-US trade negotiations are ongoing, and from the perspective of the negotiations, the situation is not optimistic
.
And the USTR has already held hearings on the $200 billion new tariffs, and the results of the hearing next week will be released unsurprisingly, when the results will have a greater impact
on copper prices.
On the 24th of this week, Fed Chairman Powell spoke for the first time at the annual meeting of the Jackson Hole Central Bank in Wyoming, USA, the overall speech was moderate, and the interest rate hike also showed a cautious attitude, and the dollar index was slightly affected by this, approaching the 95 mark
.
In the industry, wage negotiations at the Escondida copper mine have come to an end, and the union and workers have accepted the salary agreement of the BHP, and the risk of strike has been temporarily lifted
.
But there are still a lot of salary negotiations to be held in the second half of the year, and although most of them are not as high as Escondida copper production, it is still worth paying attention to
.
Affected by the increase in tariffs on imported copper scrap, the price of copper scrap remains high, and the current price of copper scrap is about 43700 yuan / ton, and the substitution of copper scrap to refined copper is further weakened
.
As of this Friday, the total inventory of the three major exchanges was 607,700 tons, which is the lowest position in the year, and breaking below 600,000 tons is a high probability event
.
In general, the progress of Sino-US trade frictions will be the main theme
.
If tariffs on $200 billion of goods are formally imposed, copper prices will come under further pressure
.
At present, the inventory dematerialization situation is quite good, and with the arrival of the consumption season, the inventory will only be further reduced, and the copper price operating range is expected to be 47,500 yuan / ton - 50,000 yuan / ton, focusing on the risk of
Sino-US trade friction.
