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Today's Shanghai copper weak shock, the main month 2203 contract opened at 69820 yuan / ton, the highest intraday 70270 yuan / ton, the lowest 69730 yuan / ton, settled 70230 yuan / ton, closed 70100 yuan / ton, down 130 yuan, down 0.
19%.
The trading volume of the main 2203 contract of Shanghai copper decreased by 39515 lots to 59145 lots throughout the day, and the position increased by 3000 lots 135164
lots.
During the Asian session, the high level of London copper fell, and the latest quotation at 15:01 Beijing time was 9746 US dollars / ton, down 10 US dollars, or 0.
10%.
In terms of the market, today's domestic spot copper prices are mixed, Yangtze River non-ferrous metal network 1# copper price is 70490 yuan / ton, down 10 yuan, premium 360-liter 420; Guangdong spot 1# copper price was reported at 70180 yuan / ton, down 260 yuan / ton; Yangtze River spot 1# copper 70530 yuan / ton, down 40 yuan, premium 410-liter 450; Shanghai spot 1# copper price was 70510 yuan / ton, up 120 yuan
.
In the spot market, the price of the holder is obvious, the receiver is bargaining and stocking, the purchasing enthusiasm is general, and the overall market volume is limited
.
Domestic copper inventories rebounded, superimposed on the downstream generally entered the Spring Festival holiday mode, consumption expectations weakened, copper prices turned down, short-term copper prices are still dominated by weak shock operation
.
At present, the protests of the Peruvian mining industry have weakened, the tight supply pattern at the domestic mine end has eased, the supply of recycled copper is abundant, the import loss is narrowing, and the high copper concentrate inventory in the domestic port, coupled with the recovery of domestic and foreign copper stocks, will limit the recovery of copper prices, and copper is expected to fall
slightly.
Industry News:
1.
Foreign media news on January 17: The Las Bambas copper mine of Minmetals International (MMG), the Peruvian Ministry of Labor, the Ministry of Energy and Mines, the President of the Council of Ministers (PCM) and representatives of the Chalvavacho community signed a memorandum of understanding in which the latter promised to avoid blockading the southern mining corridor
.
Canadian miner Teck Resources said the union representing Tektronix's 1,048 workers at the Highland Valley copper mine in British Columbia has agreed to submit the mediator's agreement proposal to its union members for a vote
of approval.
The company said the union will arrange to complete the approval vote
no later than Jan.
24.
