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News
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Trade Service
Last week, Shanghai copper was
volatile.
The average settlement price of the current month's contract week was 51338 yuan / ton, an average daily increase of 56 yuan / ton; The average price of the previous week was 51390 yuan / ton, down 0.
10% from the previous month; In the external market, the trend of London copper was volatile
last week.
In the first four trading days, the average price of LME copper was 6729.
5 US dollars / ton, up 1.
75 US dollars per day; last week's average price was 6634.
4 US dollars / ton, up 1.
43%
from the previous month.
In terms of the market, in the week of October 16, domestic spot copper prices fluctuated
.
The average price of Yangtze River nonferrous metal net 1# copper was 51536 yuan / ton, up 64 yuan / ton per day, and up 0.
62% on a weekly basis; The average price of the previous week was 51470 yuan / ton, up 66 yuan / ton compared with last week, up 0.
13%
from the previous week.
In terms of stocks, copper stocks increased by 30,925 metric tons to 184,850 metric tons, a cumulative increase of 20.
09%.
Shanghai copper inventories rose slightly during the week, increasing by 1,093 tons, or 0.
70%, to 157547 tons
.
In terms of news, the recent Chilean copper mine strike disturbance, Escondida copper mine management is negotiating to stop the strike of the world's largest copper mine, Lundin Mining will meet with the Chilean Candelaria copper miners' association to end the strike, although the strike can continue to operate, but may trigger production bottlenecks, mine supply may remain tight
.
China's imports of unwrought copper and copper products in September increased by 60% year-on-year, and the cumulative import volume from January to September increased by 41.
2% year-on-year, maintaining high imports for several consecutive months.
At present, the global inventory level is still not high, and domestic inventories have not accumulated too much, indicating that demand has not materially declined; Copper prices fluctuated
due to the recent narrowing of refined waste spreads, improved scrap supply, and copper smelters ramped up cathode copper production in September.
At present, the global economic recovery is uneven, and the pace of China's economic recovery is far ahead of the world, and many international institutions have raised their expectations
for China's economic growth.
Fundamentals, inventories are generally at a low level, and the supply of mines may remain tight; Halfway through the traditional consumption season, the "Golden Nine" has been disappointed, and the "Silver Ten" consumption expectations have also decreased, but the consumption expectations in the fourth quarter should not be overly bearish; In the fourth quarter, smelter maintenance is less, copper output is expected to increase, and copper prices are expected to continue to fluctuate
.
