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Shanghai copper opened low on Tuesday, intraday warmed up, the main monthly 2209 contract opened at 61040 yuan / ton, the daily close at 62040 yuan / ton, up 100 yuan / ton, up 0.
16%, China's July economic data is not good, metal demand concerns are rekindled, but the domestic central bank cut interest rates, continue to increase infrastructure investment and the latest normal support for the real estate industry, but also supported market confidence, and spot premium expanded, limiting copper price decline
.
In terms of spot, the average price of spot 1# copper in the Yangtze River on August 16 was 62520-62560 yuan / ton, up 160 yuan / ton; Premiums 430-470, down 10 yuan / ton
.
In the spot market, the overall willingness of holders to ship is not high, downstream consumption is still relatively flat, and receivers are bullish and actively enter the market, but they are still looking for low-priced sources, and the transaction is not ideal
.
In terms of inventories, as of August 16, London Metal Exchange (LME) copper stocks decreased by 1,075 tons, or 0.
82%, to 129475 tons; As of August 16, the previous copper futures warehouse receipt was 9,372 tons, 507 tons
more than the previous day.
On the supply side, fundamental supply pressures have eased
in the short term.
According to the mid-year reports of most mining companies, the mid-year production growth of upstream mines was less than expected, because the production disturbance of some mines in the first half of the year was more serious, and the supply bottleneck still existed
.
The mainstream price of smelting acid in Shandong fell back to 260 yuan / ton, and the price of smelting acid in Hunan, Hubei, Shandong and other places all declined to varying degrees, and the decline in smelting profits led to the expected easing of smelting capacity release
.
The tension in power supply in various places has intensified, and the output loss of smelters has become a reality
.
The recent news of the national reserve copper collection has made copper supply in the context of low stocks even worse
.
In terms of demand, the overall demand is still poor, and the willingness to raise prices downstream is not strong
.
Comprehensive analysis, China's economic data is not performing well, the outlook for metal demand is worrying, and supply-side production is stable, but the central bank has cut interest rates again, and introduced the latest policies to support real estate, easing weak market sentiment and boosting consumer confidence
.
At present, the global manufacturing industry is still under pressure, overseas weak demand has not yet bottomed, which will limit the upper limit of price rebound, Shanghai copper only slightly recovered within the day, the market is waiting for the traditional peak season "gold nine silver ten", it is expected that copper prices have limited space for correction
.
