Shanghai copper shock down, economic data retreat caused market concerns

During the Asian session, London copper fluctuated lower, and the latest quotation at 15:01 Beijing time was 9379 US dollars / ton, down 156 US dollars, or 1.
64%.

In terms of the market, today's domestic spot copper prices fell, Yangtze River nonferrous metal network 1# copper price was reported at 69970 yuan / ton, down 410 yuan, premium 260-320; Guangdong spot 1# copper price reported 69930 yuan / ton, down 460 yuan; Yangtze River spot 1# copper 69970 yuan / ton, down 470 yuan, premium 260-liter 280; Shanghai spot 1# copper price was 69950 yuan / ton, down 370 yuan
.

In the spot market, most of the holders have no willingness to adjust prices, the demand at the beginning of the month is weak, the receiver is cautious and wait-and-see, and the transaction performance is average
.
Chilean copper production in South America increased by 0.
5% to 470,262 tons, and China's manufacturing PMI data retreated, triggering market concerns about the future market, the peak season of gold nine silver ten may be difficult to appear, copper price rebound is difficult to continue to strengthen
.

Chile's national copper company (Codelco) said it has reached preliminary collective bargaining agreements
with five unions at its EI Teniente copper mine.

The overseas epidemic continues to ferment, or interfere with the Fed's policy, the domestic manufacturing industry is less than expected, the comprehensive PMI output index is 48.
9%, 3.
5 percentage points lower than last month, indicating that the operation of China's production enterprises has slowed down significantly, but the impact of power rationing and dual control of energy consumption, the output of domestic copper smelters continues to be limited, and the superimposed refined waste price spread is lower, which has a strong support for copper prices, and copper prices are expected to rise and fall limited
.