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News
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Trade Service
This week's Shanghai copper shock pullback
.
The average weekly settlement price of the current month's contract was 51840 yuan / ton, down 6 yuan / ton per day; The average price of the previous week was 52,032 yuan / ton, down 0.
37%
from the previous week.
Shanghai copper stocks deteriorated slightly this week, falling by 963 tons, or 0.
61%, to 157684 tons
.
This week, London copper fluctuated
highs.
The average price of LME copper in the first four trading days was 6505.
25 US dollars / ton, up 17 US dollars / ton per day; Last week's average price was 6457.
6 US dollars / ton, up 0.
74%
from the previous month.
In terms of the market, in the week of July 24, domestic spot copper prices continued to fluctuate
.
The average price of Yangtze River nonferrous metal net 1# copper was 51896 yuan / ton, up 62 yuan / ton per day, and the weekly line rose 0.
60%; The average price of the previous week was 52142 yuan / ton, down 246 yuan / ton compared with last week, down 0.
47%
from the previous week.
In terms of news, mine supply remains tight, BHP Billiton and Freeport both experienced a decline in copper production in the second quarter, and BHP Billiton lowered its copper production forecast
for the 2020-2021 fiscal year.
In addition, the Las Bambas mining group convoy in Peru was attacked by protesters, and there is still uncertainty
about the strike at the Chilean copper mine.
As the price spread of refined waste continues to expand, the substitution role of copper scrap gradually appears
.
On the macro front, China's economy continued to improve in the first half of the year, and UBS sharply raised its full-year economic forecast, expecting a year-on-year growth of 2.
5%, significantly higher than the previous forecast of 1.
5%.
The EU has agreed on a €750 billion recovery fund to help member states weather the crisis and restart their economies
.
The epidemic situation in the United States is still grim, which may make it difficult for the US economic recovery to outperform other countries
.
Further tensions between China and the United States have also put pressure
on copper prices to the upside.
At present, the domestic off-season effect is gradually appearing, and the supply of refined copper is slightly abundant, but the inventory is still at a low level overall; Overseas demand has gradually recovered, and LME inventories have continued to deteriorate recently, falling by nearly 50%
from their May high.
Uneven global economic recovery and fears of a second outbreak weigh on the outlook for commodity markets, and copper prices are expected to remain volatile
in the short term.
