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Market review, the UK financial market was closed at the beginning of the week
.
The resumption of trading on Tuesday, the political chaos in Italy coupled with rising concerns about the trade war, pushed up the market's risk aversion, and the metal market came under pressure; Factors such as the closure of India's largest copper smelter have disrupted the supply side, but the demand side has been flat, the foundation is difficult to support copper prices, and the copper market performance is still repeated
due to the macro impact.
On the macro front, the United States announced that the non-farm payrolls increased by 223,000 in May, higher than the expected 190,000, the unemployment rate in May was 3.
8%, an 18-year low, strong economic data further raised the expectation of a rate hike in June, the US dollar showed a volatile trend, and the special gold meeting will be held as scheduled, superimposed on the easing of political risks in Italy to improve commodity market sentiment, base metals showed a slight rebound
.
Domestically, China stated on the Sino-US economic and trade consultation that there have been positive and specific progress in agriculture, energy and other fields, such as the introduction of trade sanctions such as tariffs by the United States, the results of the negotiations will not take effect, in the short term, further progress in Sino-US trade negotiations coupled with the recently released May PMI data is good, the previous pessimism has been repaired
.
Market News:
Authorities in the southern Indian state of Tamil Nadu have ordered the permanent closure of the country's largest copper smelter, controlled by Vedanta Resources, which ended 13 deaths
in a new round of violent protests that ended last week.
The smelter has an annual capacity of 400,000 tons
.
Labor negotiations at Escondida, the world's largest copper mine, officially began on June 1, 2018, when the union wants BHP to pay them the equivalent of 4% of the company's 2017 dividend, which is about 21.
5 million pesos
.
This requirement could make collective bargaining difficult
.
Overall, the peak consumption season of the domestic copper market is gradually ending, the operating rate of downstream copper enterprises is seasonally declining, while the market supply side continues to grow steadily, and copper inventories at home and abroad have shown an upward trend, which is not conducive to the upward trend of copper prices; At present, the global copper market supply and demand maintain a roughly balanced situation, and the fundamentals are not supported for the time being, so copper prices are greatly affected by changes in the macro environment, and copper prices are expected to continue to maintain range-bound operation
.
