Copper prices fell and short-term highs fluctuated mainly

On the macro front, metal prices were weighed on this week's weaker-than-expected US inflation data and the rebound in the US dollar index
.
Domestic industrial added value fell to 5.
3%
in August less than expected.

On the supply side, the Andina copper mine owned by Chile's National Copper Company (Codelco) reached a wage deal with members of the Suplant union, and workers at the mine agreed to end a three-week strike
.
At the same time, members of BHP's Cerro Colorado mine union in Chile will also vote on a new wage proposal
at 16:00 local time in Santiago on Saturday (September 11).
This update means that labor tensions in copper mines in the world's largest copper producer have eased
significantly.
Chilean copper mine strike threat subsides
.
The centralized maintenance of domestic smelters in the second quarter was basically completed, and copper production rebounded, driving the recovery of copper mine imports
.

In July 2021, passenger car production totaled 1.
548 million units, down 10.
7% y/y, down 7.
0% y/y, and down 0.
5% m/m, down 1.
1% m/m
.
From January to July 2021, the national real estate development investment increased by 12.
7% year-on-year, 16.
5% from January to July 2019, and an average growth of 8.
0%
in two years.

Overall, copper prices are weak this week, on the one hand, macro factors are affected, the dollar rebounded, and China's economy was less than expected; On the other hand, copper supply tightness has eased, copper stocks have risen slightly after the end of the copper mine strike and the end of domestic smelter maintenance
.
It is expected that copper prices will fluctuate at a high level
.