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Last week, Shanghai copper fluctuated at a high level, with a single-day amplitude expanding and the price center of gravity moving
downward.
The number of domestic copper imports in July continued to rise sharply, but it is worth noting that this round of imported copper was shipped to China when the profit window was opened last month, and the subsequent imported copper quantity may be reduced
under the traditional demand off-season in August.
In terms of the external market, Zhou Neilun copper rushed back down
.
The average price of LME copper in the first four trading days was 6377.
75 US dollars / ton, up 8.
25 US dollars / ton per day; The average price last week was 6427.
4 US dollars / ton, down 0.
77%
from the previous month.
The OECD warned that the pace of global economic recovery is slowing, China's data on industrial added value above designated size and total retail sales of consumer goods in July are lower than market expectations, Eurozone industrial production in June has been lower than expected for the second consecutive month, while negotiations on a new round of economic stimulus measures in the United States continue to reach an impasse, international tensions continue to be disturbed, and the macro atmosphere is cold
.
In terms of the market, in the week of August 14, domestic spot copper prices fluctuated
widely.
The average price of Yangtze River nonferrous metal network 1# copper was 50278 yuan / ton, down 286 yuan / ton per day, down 2.
78% on a weekly basis; The average price of the previous week was 51360 yuan / ton, down 1082 yuan / ton compared with last week, down 2.
11%
from the previous week.
In terms of stocks, Shanghai copper stocks fell slightly during the week, down 404 tons to 172051 tons, or 0.
23
%.
The overall dematerialization of copper stocks decreased by 4,750 metric tons to 113,200 metric tons, a cumulative decrease of 4.
03%.
The domestic market is still in the traditional off-season, and the weakening of downstream consumption is gradually reflected, and it is difficult to see bright spots in demand; China's copper imports rose to record levels for the second consecutive month in July due to changes in the Shanghai/London copper price spread; Supply increased faster month-on-month, and there was pressure
above copper prices.
