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Affected by the sharp fall and rise in global stock markets and oil prices, as well as the continuous shutdown of the US government, copper prices have fallen first and then risen in recent days; The latest industrial data released by China is not good, global economic growth is facing downward pressure, industrial metal demand prospects are worried, copper prices are not able to move upward, and the overall shock is weak
.
In terms of the market, in the week of December 28, domestic spot copper prices were weak and volatile
.
The average price of copper in Yangtze River nonferrous metal network 1# was 48192 yuan / ton, down 32 yuan / ton per day, and down 0.
33% on the weekly line; The average price of the previous week was 48,620 yuan / ton, down 428 yuan / ton compared with last week, down 0.
88%
from the previous week.
In terms of inventory, recently, London copper stocks continued to rise, with a cumulative increase of 300 metric tons to 130025 metric tons, a cumulative increase of 0.
23%.
Shanghai copper inventories increased by 7,984 tons, or 7.
21%, to 118686 tons, ending an eight-week decline in the past
.
Industry News:
1.
SHANGHAI, Dec.
27 -- China's large copper smelters on Thursday raised the floor price of copper processing refining fees (TC/RC) by 2.
2%
in the first quarter of 2019, sources familiar with the situation said.
At a meeting in Shanghai, 10 members of China's Joint Copper Feedstock Group (CSPT) finalized the first-quarter processing fee floor at $92 per tonne, with refining fees at 9.
2 cents per pound, up from $90 per ton and 9 cents
per pound in the fourth quarter of 2018, two sources said.
Processing and refining charges for the first quarter of 2018 were $87 per ton and 8.
7 cents per pound, respectively
.
2.
First Quantum Mining (First Quantum Minerals Ltd.
) It plans to cut at least 2,500 jobs in Zambia, citing a boost in mining taxes
by the Zambian government.
The layoffs will be implemented in phases in the first quarter of 2019 and split equally between the company's Kansanshi and Sentinel mines
.
Zambia, Africa's second-largest copper producer, has repeatedly warned by mining companies that raising taxes will hurt the industry.
Outlook for the future: Ministry of Commerce spokesperson Gao Feng said at a press conference that in January next year, in addition to continuing intensive telephone consultations, China and the United States "have indeed made specific arrangements for face-to-face consultations"; The border wall budget negotiations are still quite divergent, and the US government officially closed its doors on the 22nd, and the shutdown may continue until January
.
Macroeconomic concerns remain.
The fundamentals of the copper market are still poor, and it is currently in the off-season of copper consumption, and the short-term copper price rebound space is doubtful
.
