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On Tuesday, the Shanghai copper 2211 contract was range-bound, closing at 60470 yuan / ton, up 150 yuan / ton, or 0.
25%; The international copper 2211 contract was slightly weaker, and the center of gravity of the shock was lower, falling 570 yuan / ton
during the day.
London copper fluctuated low, and Shanghai copper and international copper followed the weak oscillation
in the night session.
On Tuesday, Shanghai electrolytic copper spot 10 contracts for the month reported at 520-580 yuan / ton, the average price was 550 yuan / ton, unchanged from Monday, the absolute price of spot is lower, the downstream consumption of East China is slightly better, South China North China shipments are more, the transaction is weak, and the premium is average
.
On the macro front, the US FHFA house price index fell 0.
6% month-on-month in July, ending the growth trend
since May 2020.
U.
S
.
new home sales recorded an annualized 685,000 in August, well above expectations of 500,000, and revised to 532,000 from 511,000 in the previous month.
Preliminary U.
S.
durable goods orders fell 0.
2% month-on-month in August, better than market expectations of a 0.
4%
decline.
In terms of the industry, according to SMM, the CSPT team held the fourth quarter general manager's office meeting online this morning, and finalized the spot copper concentrate procurement guidance processing fee for the fourth quarter to be 93 US dollars / ton and 9.
3 cents / pound, which is an increase of 13 US dollars / ton
compared with the spot copper concentrate procurement guidance processing fee in the third quarter.
On the whole, the rapid weakening of this round of copper prices, overseas macro occupies a larger proportion of transactions, combined with the arrival of the domestic long holiday, the market is worried about macro uncertainty and liquidity risks, maintaining a weak trend before the holiday, but on the one hand, the rapid rise of the dollar also has a short-term peak and fall probability, on the other hand, pre-holiday suppression or for downstream replenishment opportunities, so it is appropriate to look at
dialectically.
