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On Wednesday, Shanghai copper ran strongly in the morning, and then the market weakened, and the Shanghai copper 2209 contract fell back in shock, and finally closed at 61040 yuan / ton; The trend of the international copper 2210 contract was also volatile and lower, and finally closed at 54200 yuan / ton
.
Overnight copper rose, with Shanghai copper and international copper following suit
.
Before the release of the US inflation data, the market sentiment was slightly cautious, the inventory of Shanghai copper warehouse receipts was still declining, and the downstream wait-and-see sentiment recovered after the recovery of the non-expired price, and the upward trend of futures prices was weak
.
On the macro front, China's July CPI year-on-year increase expanded, hitting a new two-year high, and the US dollar index has recently been weak and volatile, waiting for the performance
of US CPI data.
At present, the market is focused on mid-week US inflation data, which may have a greater impact
on the expectation of late interest rate hikes.
But overall, the macro market will continue to be in a stable environment
until the September rate hike arrives.
In terms of market, the spot market traded generally, and the premium fell by 110 yuan / ton
from the previous day.
The decline in copper prices is limited, the downstream purchasing sentiment is not high, the copper basis difference continues to expand, and the spot premium of domestic trade continues to decline
.
During the mainstream session in the morning, flat water copper rose around 20 yuan, good copper rose about 30 yuan The transaction was acceptable, and the reduction of the reported goods after the second period was slightly raised, but the actual transaction was rare
.
With the gradual rise of prices, the downstream wait-and-see sentiment has rebounded again, and although the price of the premium has fallen under the condition of increasing copper arrivals, it still remains relatively high, so the buyer's acceptance is not high, and there is little
buying interest.
Demand briefly boosted in the second half of last week due to sudden risks on the supply side, but the recovery in demand is relatively limited
because it is still in the off-season.
The focus is now on U.
S.
inflation data, which fell more than expected in July, raising expectations of a decline in tightening pressure from the Federal Reserve, which boosted copper prices
.
In terms of supply and demand, the market mainly focuses on the impact of power curtailment measures on the supply and demand of the Yangtze River Delta, from the current understanding of the situation, the supply side is mainly Anhui and Zhejiang copper smelting will be affected, while downstream copper consumption will also be affected, therefore, the supply and demand impact needs further observation
.
Overall, the macro environment continues to remain stable, and supply and demand have an uncertain impact in the short term, but it is still expected to improve in the second half of the year, and copper prices will continue to rebound
.