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The rapid spread of the epidemic has aggravated market concerns, and many varieties of commodity markets have generally weakened, and London copper continued to be weak the next week, with the latest closing quotation of 5589 US dollars / ton, down 67 US dollars, or 1.
19%; The continuous upward pressure on domestic copper market inventories is prominent, and the downstream copper operating rate is low, and it is expected that copper will continue to fall
today.
In terms of inventories, weekly data released by ShFE on Friday showed that copper stocks rose 4.
1% this week to 310,760 tonnes and zinc inventories rose 11.
8% to 160011 tonnes, both at their highest levels
since the week ended April 7, 2017.
The ShFE zinc contract, the most traded in trading on Friday, fell as much as 5 percent, while the London Metal Exchange (LME) benchmark three-month zinc contract was heading for its biggest weekly decline since September 2015, down 6.
3 percent
as of 8:06 GMT.
As of last Friday, the previous period of Shanghai copper stocks increased by 12,141 tons to 310,760 tons, an increase of 4%, and the cumulative increase in the past six weeks exceeded 132%, highlighting the continuous upward pressure on inventories; Domestic transportation gradually resumed, the problem of sulfuric acid expansion was alleviated, the operating rate of copper smelters rebounded to more than 75%, while the downstream copper operating rate was only about 40%, and copper prices are expected to continue to fall
today.
Industry News:
1
.
Codelco, a state-controlled copper mining company, said Friday it had received environmental clearance to spend $1 billion to expand the Salvadoran mine.
The Racho Inca project will increase El Salvador's copper production to 90,000 metric tons per year, an increase of about 30 percent
over current levels.
Underground reserves at El Salvador's copper mine will be depleted
next year.
2.
According to the Chilean Government Statistics Office, Chile's manufacturing industry increased by 3.
4% in January compared with the previous year, while mining production increased by 1%.
Copper production rose 1.
4 per cent to 466723 tonnes
in January.
At present, copper futures are still at a low level, the market is full of expectations for the restart of consumption in March, the performance of cargo holders is strong, downstream bargain buying has increased, traders have finally got rid of the stalemate pattern since last week, activity has increased significantly, and the overall trading has improved
significantly.
