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Copper market review: On Tuesday, the low volatility of copper prices continued, and the main contract closed at 49090 points, up 0.
06%.
On the plate, Shanghai copper continued to rebound after bottoming out overnight, but the daily line was still under pressure below
the moving average.
Although China and the United States reached a good consensus at the beginning of the month, the recent Huawei incident continued to ferment, the market is still worried about Sino-US trade frictions, limiting the strength of copper price rebound, and the Ministry of Commerce said that this morning the high-level of China and the United States have exchanged views on the timetable and roadmap for the next economic and trade consultations, and continue to pay attention to relevant developments
.
In terms of inventory, in terms of international inventory, on December 11, LME copper stocks were 121,300 tons, down 1,200 tons from the previous trading day, and the proportion of warehouse receipts cancelled was 16.
14%; In terms of domestic inventories, the Shanghai Futures Exchange registered warehouse receipts of 49,168 tons, down 674 tons
from the previous trading day.
On the industry front, Codelco, the world's largest copper producer, produced 150,600 tonnes in October, following the company's lowest output this year in September
, according to a monthly report from Chilean copper agency Cochilco.
Codelco's production was up 11 percent from the previous month, but down 14 percent
from a year earlier.
