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Trade Service
On Friday, the upward trend of Shanghai copper was weak, and the shock closed lower, and the main 2008 contract of Shanghai copper closed at 48900 as of the day, down 350, or 0.
71%.
The copper market opened high and low during the day, and the power was reduced after hitting the upper pressure level of 49,500 many times near the weekend, ending the 4-day rise and showing a high range shock trend
.
On macro news, the United States added 4.
8 million jobs in June, the unemployment rate fell to 11.
1%, and the number of initial jobless claims in the United States fell for the 13th consecutive week in the week to June 27, exceeding 1 million
for 15 consecutive weeks.
Nonfarm payrolls in the United States rose by 4.
8 million after the June seasonally adjustment, a record high
.
The US unemployment rate recorded 11.
1% in June, the second consecutive monthly decline
.
Chile, the world's largest copper producer, produced copper in May at the same level as the previous year despite the coronavirus outbreak in the
South American country, according to data released on Thursday by Chile's national copper agency (Cochilco).
Chile's rapidly spreading coronavirus pandemic has shook the market
.
The country's Andean and northern desert deposits account for about one-third
of the world's copper supply.
Despite this, the mining giant managed to increase production amid the outbreak, mining 492,500 tons from its huge mine in May, up 1%
from the same month last year.
The country's output has increased by 3.
9 percent since January to 2.
4 million mt
, the agency said.
At present, the main focus of the market is still on the supply contraction and the recovery of domestic copper demand, and the expansion of refined copper production capacity in May and the spread of epidemic risks in copper concentrate suppliers support prices
.
China's economy continues to recover, but uncertainties remain, import and export data continue to improve but are still at a critical point, and efforts are being made to reduce the adverse impact of the
external environment.
The epidemic situation in South America is becoming more serious, and the disruption to copper mine production in Chile, Peru and other countries may further increase, and it is expected that the arrival of copper concentrate will decrease in the third quarter; The decline in domestic off-season consumption has not been realized, and the market is still in a state of recovery; In addition, TC continues to suppress smelting production at a low level, and copper prices are expected to remain high next week
.
