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Trade Service
The center of gravity of Shanghai copper has moved
upward this week.
The weekly average settlement price of the current month contract is 67864 yuan / ton, an average daily increase of 1336 yuan / ton; The average price of the previous week was 62995 yuan / ton, up 7.
73%
from the previous week.
In terms of external trading, London copper continued to climb higher
this week.
The average price of LME copper in the first four trading days was 9304.
25 US dollars / ton, up 103.
5 US dollars / ton per day; Last week's average price was 8556.
4 US dollars / ton, up 8.
74%
from the previous month.
In the market, domestic spot copper prices climbed
sharply in the week of February 26.
1# The average price of copper was reported at 68280 yuan / ton, up 1018 yuan / ton per day, and the weekly line rose 8.
03%; The average price of the previous week was 63070 yuan / ton, up 5210 yuan / ton compared with last week, up 7.
63%
from the previous month.
On the news front, Zambia's copper production hit a record high in 2020, but Peru's copper production fell by 12.
5% and Chile's copper mine production fell by 8.
7%
in December.
Copper ore processing fee TC continues to decline, smelting costs continue to be high, copper mine supply is still tight, may enter a period of low growth, concentrate supply prospects are still pessimistic
.
Goldman Sachs said copper faces a historic shortage and demand growth could outpace supply growth in the coming years
.
The global promotion of clean and green energy is good for the consumption of non-ferrous metals such as copper, and the development of clean energy will drive new demand growth
.
Inventories on major global exchanges remain generally low, with markets optimistic about China's post-holiday demand recovery, with copper hitting near a decade high this week
.
China's post-holiday demand prospects are bright, downstream processing enterprises resumed work ahead of schedule, and institutions expect a shortage of supply this year, the increase in mine supply may be limited, and the continued low level of concentrate processing fees TC may restrict smelter production
.
However, the continuous accumulation of domestic inventories and the recent rapid rise in raw material prices have raised production costs in downstream and terminal industries, and copper prices are expected to fluctuate
at a high level next week.
