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As of the end of this week, spot copper quotations were 69248.
33 yuan / ton, down 0.
76% from 69776.
67 yuan / ton at the beginning of the week, up 19.
49% from the beginning of the year, and up 36.
37%
year-on-year.
On the macro front, the global epidemic situation was grim, and the external market performed weakly during the holiday period, followed by oil prices extending their rally to a new one-week high, and U.
S.
stocks rebounded higher
.
The hawkish US dollar index was driven by the hawkish minutes of the Federal Reserve in September, and the trend of copper prices was weak
.
On the supply side, refined copper smelting is lucrative to encourage smelter production, but environmental protection inspections are tightened and energy efficiency dual control in various places is still slow, and the recovery of refined copper production is still slow, and it is expected that the output of refined copper in September will be 830,000-840,000 tons
.
Ecuador's Ministry of Natural Resources said it expects President Guillermo in the country.
Guillermo Lasso will have four major mining projects in the country coming up stream
before the end of his first term in 2025.
Copper concentrate TC prices higher: The weekly average price of imported copper concentrate standard clean ore TC was $62.
41/mt, up $1.
36/mt from $61.
05/mt
the previous week.
As copper concentrate supply gradually eased, copper concentrate TC prices continued to rise
.
In terms of demand, large copper rod factories reflect that orders have improved month-on-month, optimistic about October orders, because the shortage of scrap copper has not been significantly improved, the production momentum of refined copper instead of scrap copper still exists, approaching the National Day There is still a week to go, and the demand for pre-holiday stocking of enterprises is expected to drive the further decentralization
of copper social inventory.
Recently, the dual control of energy efficiency in various places has re-emerged, and the production restrictions in Yunnan, Guangxi and other provinces have been upgraded, and the output of local copper smelters has faced certain interference
.
The remaining unaffected smelters will maintain high start-ups driven by high margins and, overall, refined copper production will recover slowly
.
Low inventories and pre-holiday stocking supported copper prices
.
It is expected that copper prices will fluctuate in a narrow range with macro factors in the short term
.
