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Today's Shanghai copper is running at a high level, the main month 2009 contract opened at 51500 yuan / ton, the highest intraday 51970 yuan / ton, the lowest 51380 yuan / ton, the settlement 51690 yuan / ton, the close 51540 yuan / ton, up 480 yuan
.
During the Asian session, London copper opened high and low, and the latest quotation at 15:01 Beijing time was 6451 US dollars / ton, down 27 US dollars, or 0.
42%.
Today's domestic spot copper prices rose, Yangtze River non-ferrous metal network 1# copper price was reported at 51710 yuan / ton, up 850 yuan, 10-70 liters; Guangdong spot 1# copper price was reported at 51720 yuan / ton, up 900 yuan; Yangtze River spot 1# copper price 51800 yuan / ton, up 830 yuan, premium 120-liter 140; Shanghai spot 1# copper price was 51700 yuan / ton, up 740 yuan
.
In the spot market, downstream procurement is general, traders are mainly trading, and the overall transaction is
deadlocked.
Despite the supply disruption, Zambia's copper output in the first half of the year increased by about 6% year-on-year, intelligence is recovering supply, the current market demand support is limited, short-term copper prices may be in shock
.
Industry News:
1.
Minmetals Resources Co.
, Ltd.
(MMG) produced 18,298 tons of electrolytic copper in the second quarter, an increase of 11% year-on-year; Mineral copper production totaled 58,729 tons, down 31% year-on-year; Zinc production totaled 60,114 tons, an increase of 6% year-on-year; Lead production totaled 10,689 tons, down 9% year-on-year; Molybdenum production totaled 548 tons, down 3%
year-on-year.
2.
During the reporting period, the company's copper output in the first half of the year totaled 588,100 tons, a year-on-year decrease of 11%; Cobalt production totaled 14,300 tons, down 33% year-on-year; zinc production totaled 550,100 tons, an increase of 3% year-on-year; Lead production totaled 127,900 tons, down 13% year-on-year; Nickel production totaled 55,200 tonnes, essentially flat YoY and gold production was 385,000 ounces, down 9% YoY.
silver production was 14.
185 million ounces, down 8% year-on-year; Ferrochrome production totaled 466,000 tons, down 42%
year-on-year.
Fundamental changes: 1) the refined copper community pool rose to 269,400 tons for five consecutive weeks, and LME inventories continued to fall to 128,100 tons; 2) the weekly TC of copper concentrate remained around $49.
8, and the two strikes in Antofagasta avoided strikes, and the hype at the mine end weakened
.
Yesterday's Shanghai copper opened down and gradually recovered lost ground, the main force returned above 51500 at night, the overall running above the Bollinger axis, the bullish pattern maintained
.
At this stage, the dominance of financial attributes is still obvious, the dollar index trend downward, the market believes that this year or fall to 90 or even 88 line, the dollar's unexpected depreciation is good for the metal market, but the recent dollar index short positions have been more crowded, technically there is a possibility
of rebound.
The continuous accumulation of domestic stocks and the weakening of mine speculation have a dragging effect on prices, and Shanghai copper short-term has pullback pressure, paying attention to the support of the Bollinger mid-rail
.
