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    Home > Chemicals Industry > New Chemical Materials > The metal market is under pressure, and the short-term weakness of Shanghai copper is difficult to change

    The metal market is under pressure, and the short-term weakness of Shanghai copper is difficult to change

    • Last Update: 2022-12-12
    • Source: Internet
    • Author: User
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    On Tuesday, the main force of Shanghai copper continued to rise after opening slightly higher at 48,010 yuan in the morning, reaching a maximum of 48,790 yuan and closing at 48,680 yuan, up 750 yuan, or 1.

    In the external market, London copper opened slightly lower at $5858 and then fell sublimely, reaching as high as $5984, and closed at $5939.
    5 as of the Asian market close, down $11, or 0.

    Fears of an escalating trade war have reignited
    In addition, buoyed by strong economic data, the US index rebounded from a low level in more than a month and a half, coupled with domestic fixed asset investment data continued to decline, and the metal market was under pressure

    Shanghai copper

    In terms of the market, the performance of the spot market is more emotional, and the emotional impact
    of traders covering goods cannot be ruled out.
    Shanghai spot copper quotations at 48710-49030 yuan / ton, up 635 yuan / ton, for 1810 contracts, up 260 yuan / ton - 300 yuan / ton
    The intraday spot market is in a tight supply, the morning market good copper reported about 260, but then found that there are not many imported goods, wet supply is also less, so the price of good copper and flat water copper rise, near noon, good copper is rising 300 but the transaction is less, downstream receiving is not enthusiastic

    In terms of industry, Las Bambas' 2018 copper concentrate production is likely to be between 375,000 tonnes and 395,000 tonnes, down from the previous production guidance of 410,000 tonnes to 430,000 tonnes
    C1 costs are also expected to rise slightly to $1.
    10 to $1.
    20 per pound, up from the previous guidance of $1.
    00 to $1.
    10 per pound

    In terms of macro, the growth rate of fixed asset investment in China hit a record low in the first 8 months, the real estate market showed obvious signs of decline, the growth rate of air conditioning production fell sharply, air conditioning inventory increased by 10 percentage points, and domestic demand was weak again; The market is generally worried about the Trump administration's $200 billion tariff proposal this week, and the September interest rate meeting is approaching, and the macro weakness is difficult to change
    Recently imported copper profit and loss continued to be revised upward, the inflow of goods increased, supply was loose, and short-term copper prices were under great downward pressure

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