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Today's Shanghai copper is weak consolidation, the current month 1608 contract opened at 37300 yuan, as high as 37670 yuan, as low as 37210 yuan, settled at 37470 yuan, the end of the market closed at 37500 yuan / ton, down 40 yuan, down 0.
11%.
In the external market, today's London copper trend is also cautious, around the daily average price fluctuated up and down throughout the day, as of 16:00 Beijing time, London metal (LME) copper latest quotation of $4835 rose $3
.
On the macro front, the US non-farm payrolls data for July will be released, which reflects the situation in the US labor market and has a crucial impact
on the Fed's interest rate hike.
Therefore, before the release of the data, the market mentality was obviously cautious, and affected by this, Shanghai copper as a whole maintained a narrow range
today.
Since there was a big difference in the US non-farm payrolls data in the first two months, the quality of this month's non-farm payrolls data has a decisive role
in the Fed's interest rate hike strategy in the second half of the year.
In terms of the market, on August 5, Yangtze River spot 1# copper reported 37630 yuan / ton, down 170 yuan / ton from the previous trading day, and the premium was 140 to 180; Shanghai spot 1# electrolytic copper 37600 yuan / ton, down 150 yuan, flat water copper transaction price 37560 yuan down 140 yuan, premium copper trading price 37645 down 155 yuan; Guangdong spot 1# copper price was reported at 37425 yuan / ton, down 190 yuan; Huatong spot 1# copper price was 37655 yuan / ton, down 170 yuan / ton
.
Spot copper prices continued to fall today; The increase in global supply and the slowdown in market demand have put pressure on spot copper, and the overall trend of copper prices has weakened this week, the current positive factors are insufficient, downstream merchants are afraid of heights, and market transactions have not improved
.
In terms of industries, Goldman Sachs said that the global copper market is about to encounter a storm, and expects copper prices to fall to $4,000 per ton in the next 12 months as copper mine supply grows, producer costs fall and demand growth slows; Global copper mine supply grew strongly in the first half of the year, and this trend is expected to accelerate in the coming quarters; This "massive supply" will lead to higher copper smelting costs, which will eventually push up refined copper production, while demand growth is decelerating; Copper prices have lagged behind other raw materials
in their year-to-date gains.
