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Overnight, the dollar rose to 96.
7, copper prices continued to be under pressure, the short blow made Lun copper break 6100 US dollars / ton, challenging the 6000 US dollars / ton support level, Shanghai copper short positions increased into the market, copper prices fell to around 49860 yuan / ton, down 740, positions increased by 10810 to 600,000 lots
.
On the supply side, copper concentrate situation, domestic smelters are generally willing to purchase, most large smelters have been purchased in the third quarter, and some refiners have sufficient inventory; Chile's Caserones copper mine (122,800 tons) union and company expanded the scope of mediation, extending negotiations until Thursday; Escondida copper mine (1.
285 million tons) after intense negotiations between the two sides to this day; EI Teniente copper mine (17 years production of 476,000 tons) union reached a pay agreement, overall this year small mine strike probability is more
likely.
On the whole, the current market mainly considers the negative impact of macro factors, copper prices under the pressure of the economic environment are weak, the copper market is dominated by financial attributes and ignores the positive factors of the industry, and the copper trend is also weak under the strong US dollar, so it is expected that short-term copper prices will not be able to perform, and will maintain a range-bound market
.
