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Shanghai copper was strong last week
.
The weekly average settlement price of the current month contract is 51482 yuan / ton, an average daily increase of 376 yuan / ton; The average price of the previous week was 50208 yuan / ton, up 2.
54%
from the previous month.
In terms of external trading, London copper trend is stronger
.
The average price of LME copper in the first four trading days was 6587.
75 US dollars / ton, up 61.
75 US dollars / ton per day; Last week's average price was 6375.
4 US dollars / ton, up 3.
33%
from the previous month.
On the macro front, China's economic operation maintained a stable recovery trend in July, the growth rate of retail sales turned from negative to positive for the first time this year, and the real estate data exceeded expectations; With the gradual recovery of production and life, the momentum of economic recovery in Europe has been shown, but there are differences in economic performance; Initial jobless claims in the United States topped one million last week, reflecting rising levels of unemployment, and the Federal Reserve's reiterating of concerns about economic recovery hindered
copper prices.
In terms of the market, in the week of August 21, the center of gravity of domestic spot copper prices moved
upward.
The average price of Yangtze River nonferrous metal net 1# copper was 51618 yuan / ton, up 406 yuan / ton per day, and up 4.
06% on a weekly basis; The average price of the previous week was 50278 yuan / ton, up 1340 yuan / ton compared with last week, up 2.
67%
from the previous week.
In terms of stocks, London copper stocks continued to deteriorate, with a cumulative decrease of 9,725 metric tons to 103475 metric tons, a cumulative decrease of 8.
59%.
Shanghai copper inventories rose slightly during the week, up 215 tonnes, or 0.
12%, to 172266 tonnes
.
At present, the supply of the mine end is still tight, TC remains below $50/ton, and the agency predicts that global copper production will decline
this year.
However, the peak period of disruption to copper mines may have passed, and major producing countries such as Chile are resuming production and transportation
.
The World Bureau of Metal Statistics (WBMS) reported that the global copper market was short of 155,000 tons from January to June, while China's apparent demand increased by 14.
9%
year-on-year.
China's industrial production grew steadily, the momentum of fixed asset investment continued to consolidate, and the consumer market showed a significant recovery trend, but the domestic and international environment is still complex and severe, and uncertainty is still prominent
.
At present, supply is still tight, overseas demand has promoted the continuous dematerialization of LME inventories, the impact of the domestic off-season is gradually fading, and the accumulation of domestic inventories is slow, but consumption in the third quarter is difficult to compare with the sharp growth in the second quarter, and geopolitical uncertainty has also suppressed the market, and copper prices are expected to fluctuate in the short term
.