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Copper review: China production surge in copper prices under pressure

by:Deyuan      2020-12-23
Today's copper price analysis and forecast:
in the international market after the U. S. home sales data better than expected for years by the federal reserve to raise interest rates expected to heat up, support the dollar index rebounded, base metal market pressure, London copper fell $25, the latest closing price quote $4959, or 0. 51%

the London metal exchange, according to data released on July 20, copper inventories increased 1700 metric tons to 228000 tons. Cancel the LME copper warehouse inventory than for 33. 75%.

2. Domestic market
1608 contracts opened today Shanghai copper current month 38020 yuan, down 300 yuan, 'Shanghai copper 1608 contract offer 38270 fell 50 yuan. At the end of last year the domestic 10 big smelters have pledged at least 350000 tons of production this year, but the processing fee rises above $100 / ton and the stimulation of once rose to its highest since early last year, a small smelter is steaming production, therefore, the actual output this year not to drop, the latest national statistics shows that refined copper production rose to 402 in the first half of the year. 80000 tons, year-on-year growth of 7. 6%. Market oversupply situation is still outstanding, demand concerns on spot prices, is expected to spot copper fell today.

hot financial information
1. This weekend, the G20 meeting will be held in chengdu, this is the last time before the G20 summit of hangzhou finance ministers and central bank governors meeting. The meeting to discuss the focus of the euro will fall back in the UK and the aftermath of the trade protectionism. Britain's new chancellor of the exchequer, will debut in the world, and he will respond to Britain will be how to deal with the problem.

2. Credit rating agency moody's ( 喜怒无常) Due to the uncertainty brought by the British withdrew the bet against Britain's banking industry. Moody's expected over the next two years, British Banks operating environment will be shaken. It predicts Britain's GDP growth will slow this year to 1. 5%, is expected to drop to 1, 2017. 2%. Moody's said its negative expectations of Britain's banking industry originated in Britain withdrew the uncertainty. After Britain voted to withdrawal from the eu, the ratings agency bank of England is expected to see their assets quality, there is a problem of debt will rise, and profit margins will be under pressure.
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