-
Categories
-
Pharmaceutical Intermediates
-
Active Pharmaceutical Ingredients
-
Food Additives
- Industrial Coatings
- Agrochemicals
- Dyes and Pigments
- Surfactant
- Flavors and Fragrances
- Chemical Reagents
- Catalyst and Auxiliary
- Natural Products
- Inorganic Chemistry
-
Organic Chemistry
-
Biochemical Engineering
- Analytical Chemistry
- Cosmetic Ingredient
-
Pharmaceutical Intermediates
Promotion
ECHEMI Mall
Wholesale
Weekly Price
Exhibition
News
-
Trade Service
Today's domestic Shanghai copper opened high in the morning, of which the 1609 contract opened at 36950 yuan, up 290 yuan, as of 9:10, the Shanghai copper 1609 contract was quoted at 36970 yuan, up 310 yuan
.
The end of the strike at the Chilean copper mine under Anglo American and the continued growth of copper mine production in Peru in July increased the pressure of oversupply in the global copper market; However, China's stable data supported copper prices, and encouraging data from China's property market and signs of recovery in factory activity reinforced expectations
that copper demand would pick up smoothly in the third quarter.
Today's Shanghai copper trend is stable after the open, and spot copper is expected to rise
today.
On the macro front, international financial markets were generally calm during China's Mid-Autumn holiday, with U.
S.
consumer spending and manufacturing output both down from July, reflecting the continuation of weakness in the U.
S.
economy since the second quarter, and weak expectations of a rate hike in September, although the dollar index still rose sharply as the possible fine of Deutsche Bank of $14 billion caused panic
in the European banking sector.
At this week's Fed's September meeting, the market is expected to be calm, and due to the persistent expectation of a December rate hike, it is still the policies of
other central banks that really disturb financial markets.
In terms of the market, the week is the last three trading days before the holiday, on Tuesday the downstream market appeared concentrated into the market procurement and stocking behavior, but after Tuesday centralized procurement, Wednesday market transaction weakened, SMM spot premium appeared a surge back downward trend, Tuesday in the positive situation of spot trading, SMM spot premium reported 90-140 yuan / ton, Wednesday slightly fell back to 80-130 yuan / ton
.
Inventories in the previous period continued to fall during the week, with the latest report of 136329 tonnes
.
In terms of news, data released by Peru's Ministry of Energy and Mines showed that the country's copper mine production jumped to 207,867 tons in July, up nearly 30%
from last year's production of 155,313 tons.
On Friday, London copper closed the doji, the 5-day moving average below formed support, the MACD indicator red bar expanded, and the short-term rebound trend
.
In terms of operation, it is expected to open high and oscillate, and short-term wait-and-see is the mainstay
.
Overall, most of the base metals are weak, copper prices rose alone, rising to $4,770 on Wednesday, and maintained this level for the next two days, not affected by the sharp rise in the dollar, the technical form of copper prices in the 4600 line after more than half a month of consolidation, phased support reflected, the current rebound, the main pattern pressure in the $5000 line
.
Spot premiums widened as China's consumption gradually rebounded last week, and key economic data for August also confirmed a slight pickup in economic activity, supporting expectations
of a better consumption in the peak season.
However, the holding of Shanghai copper is too low, reflecting that in the expectation of continued loose supply, downstream buying confidence is insufficient, and the momentum for price increases is not strong
.
It is recommended to hold low bulls, upward rhythm or oscillation, the main pressure zone is above
38000.
