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Shanghai copper has been strong this week
.
The weekly average settlement price of the current month's contract is 54638 yuan / ton, an average daily increase of 742 yuan / ton; The average price of the previous week was 52,896 yuan / ton, up 3.
29%
from the previous week.
On the external side, London copper continued to move higher
this week.
The average price of LME copper in the first four trading days was $7314/ton, up $37.
75/ton per day; Last week's average price was $7118/ton, up 2.
75%
month-on-month.
In terms of the market, the week of November 27, domestic spot copper prices showed a strong
trend.
The average price of Yangtze River nonferrous metal net 1# copper was 54826 yuan / ton, up 490 yuan / ton per day, and up 4.
61% on a weekly basis; The average price of the previous week was 53148 yuan / ton, up 1678 yuan / ton compared with last week, up 3.
16%
from the previous month.
In terms of inventory, Shanghai copper stocks continued to deteriorate this week, falling by 3,854 tons to 92,912 tons, a decrease of 3.
98%, and a cumulative decline of 41.
03%
in the past six weeks.
The decline in London copper stocks remained unchanged this week, with a cumulative decrease of 6,575 metric tons to 150775 metric tons, a cumulative decrease of 4.
18%.
On the news side, there is still some disturbance at the mine end, with Lundin Mining's Candelaria copper mine ending a strike, but Antofagasta's Centinela copper mine may hold a strike
.
Chilean copper production could increase by 0.
6% in 2020, according to the Chilean Copper Industry Commission (Cochilco); If the new expansion project does not proceed as scheduled, Chile's copper mine production will face serious challenges
.
China's imports of copper ore and copper scrap both fell in October, and overseas copper scrap suppliers are cautious about exporting to China, and short-term imports are difficult to supplement
.
LME inventories have maintained their dematerialization recently, while China's demand has performed better, copper inventories in the previous period are also declining, traditional off-season consumption performance is not light, production and sales in automobiles and other fields are booming, and vaccine news boosts market optimism and copper prices strengthen
.
