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Copper prices fell this week, with London copper falling at $8,870 and Shanghai copper at 65,810 points, the lowest since April this year
.
As of 3 p.
m.
on Friday, the main 2110 contract of Shanghai copper was at 67,050 yuan, down 4.
17% or 2,920 points
for the week.
The U.
S.
consumer confidence index fell to a decade low for August on Friday night, and the dollar index weakened for a while, boosting Shanghai copper to around 71,000, but the breakthrough momentum was insufficient and gradually fell
from Monday 。 Domestic economic data such as credit and social finance fell in July, increasing market concerns about the economy in the second half of the year; The Fed continues to blow the wind, and some officials expressed support for the start of narrowing in September, which once again boosted the strength of the dollar; On Tuesday night, US retail sales in July unexpectedly recorded negative month-on-month figures, and risk aversion helped the US dollar to continue its strength; At the same time, New Zealand was "closed" due to the epidemic, and demand-side concerns caused crude oil to plummet, and copper prices were under pressure; The minutes of the Federal Reserve meeting in the early hours of Thursday showed that most officials believed that the second half of the year should start shrinking debt, the dollar index recorded a new high this year, risk appetite in financial markets was weak, copper prices were close to a "crash" on Thursday night, and the main force of Shanghai copper stabilized after opening below 66,000 and rebounded
restoratively on Friday.
From this round of decline, mainly affected by the macro bearishness, the willingness of the domestic downstream market to enter the market on Friday surged, basically facing copper prices have a bottom-building support effect, the night trading tends to over-fall rebound, London copper stood firm at the 9,000 mark after the pressure position at $9,200, for Shanghai copper main force 68,000
.
Potential bearishness is concerns that the market is about to tighten due to the spread of the epidemic and liquidity is about to tighten but the actual economic recovery is still under pressure, which may contribute to the continued strengthening
of the US dollar.
In terms of the market, spot copper fell by 2960 yuan this week, and good copper rose first and then fell, maintaining around
220 yuan on Friday.
There has been news from the market about whether to sell reserves this month, and there will still be follow-up actions
on Thursday evening.
After the month change on Monday, the willingness to buy downstream was low, especially on Thursday, the holders passively lowered the premium; On Friday, it reversed significantly, and after the market stabilized, the willingness to enter the market downstream was high, and trading was active
.
In terms of import profit and loss, the strengthening of the dollar and the depreciation of the yuan have encouraged the profit window to expand this week, which was around
400 yuan / ton on Friday.
At present, the disturbance of Chilean copper mines is reduced, but the domestic peak season consumption pattern has not yet appeared, the overall copper demand pattern is slightly weak, it is difficult to bring price momentum, it is expected that next week's Shanghai copper will be mainly repaired rebound and shock finishing, and the possibility of breaking through the adjustment after a small range shock increases
.
