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First, macroeconomics
First, macroeconomicsDomestic aspects:
1.
China's CPI in July was 1.
4% year-on-year, down 0.
1 percentage points from the previous month, and it was in the "1 era" for five consecutive months; PPI was 5.
5% year-on-year, unchanged
from the previous month.
The data shows that the current price generally shows a moderate upward trend, and the inflation problem does not exist
for the time being.
2.
China's exports in renminbi in July increased by 11.
2% year-on-year to 1.
32 trillion yuan, imports increased by 14.
7% year-on-year to 2.
32 trillion yuan, and its trade surplus expanded by 1.
4% to 321.
2 billion yuan
.
In the second half of the year, foreign trade may continue to maintain a stable and positive trend, but due to uncertainties, the growth rate of imports and exports may decline
in the next few months.
International aspects:
1.
The number of non-farm payrolls in the United States in July increased by 29,000 from the previous month to 209,000, and the unemployment rate was unchanged
from a 16-year low.
Better-than-expected nonfarm payrolls growth indicates a continued tightening of the US labor market, which provides the basis
for future tightening of policy by the Midlands.
2.
The US PPI recorded -0.
1% month-on-month in July, down 0.
2 percentage points from the previous month, and recorded 1.
9% year-on-year, down 0.
1 percentage points
from the previous month.
The poor performance of the PPI indicates that inflationary pressures in the United States continue to increase, and the probability of the Fed raising interest rates this year is unlikely
.
Second, this week's market trend analysis
Second, this week's market trend analysis(i) Market analysis
(i) Market analysis
Analysis of key products of cable raw materials (copper): This week, the domestic copper price and the external trend are basically consistent, showing a trend of first rising and then suppressing, basically giving up the gains at the beginning of the week, and gradually returning to the fundamentals to dominate the price trend
.
Taking the Yangtze River spot market as an example, according to cable network monitoring data, the average copper price at the beginning of the week was 50,040 yuan / ton, and the average copper price on Friday was 49,860 yuan / ton, down 180 yuan / ton, a decline of about
0.
36%.
Macro: At the beginning of the week, due to the good US economic data, the US dollar index continued to rebound, copper prices were suppressed, but the market bulls still dominated, the bullish mentality was still strong, and the overall copper price did not change much
.
On Tuesday, China's fourth round of environmental protection inspections was carried out in an intense and orderly manner, and copper prices remained high and volatile as a whole, driven by the general rise of metals across the board inside and outside
.
From midweek to the weekend, copper prices continued to pull back
under the pressure of the continued strength of the dollar index and the high profit-taking mentality of investors.
In addition, due to the intensification of the "mouth cannon" of the United States and North Korea, the tension between the United States and North Korea has further heated up, triggering emergency risk aversion in the market, base metals have pulled back across the board, and copper prices have slowed down their rally and turned into a pullback trend
.
However, under the weakening of the US dollar, copper prices have a relatively limited decline, the accumulation of early gains is too large, and after a pullback, it continues to narrow, returning to fundamental dominance
.
Market: this week as copper prices maintain an upward trend, the market is generally wait-and-see-based, it is difficult to promote the trading atmosphere, from Thursday, copper prices from the high pullback is stronger, attracting traders to take advantage of the low, downstream also just need to stock, the transaction has improved, Friday trading continues to improve, the morning copper price continued to pullback, holders of the price shipment is still strong, near the weekend, the market sentiment is slightly boosted, downstream inquiry is acceptable, bargain on demand stocking
.
In the recycled copper market, due to the expected tight supply of goods, most recyclers chose to ship at high prices, slightly reluctant to sell, but the overall transaction situation remained weak
.
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