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Copper review: China's copper imports in July a sharp drop in copper prices or remain under pressure

by:Deyuan      2020-12-23
Abstract: jump in oil prices for the commodities market sentiment, the London copper strong shock late closed up $13, but China's copper imports in July fell sharply reflects the weak domestic demand, this is copper or went sideways.

today's copper price analysis and forecast:
a.
in the international market market expectations of OPEC possibly consider frozen renewed, easing concern about excess supply, pushing prices rose nearly 3% on Monday; Crude oil rose sharply boosted the market risk preference, London copper strong shocks, closed up $13 to $4809, or 0. 27%; Volume 11756, holdings 356036 hand cut 1501 hands.

the London metal exchange, according to data released on August 8 copper inventories to reduce 1925 metric tons to 205025 tons. Cancel the LME copper warehouse inventory ratio of 25. 77%.

2.
in the domestic market in Shanghai today 1608 contracts opened 37470 yuan, the current month 30 yuan, 'Shanghai copper contract offer $1608 to $37360, down 80 yuan. Summer is off-season, traditional domestic consumption in July of weak domestic demand for spot copper, China customs according to the latest figures, imports of unwrought copper and copper in July of 360000 tons, fell by 14%, imports of unwrought copper and copper in June of 1. 14 million tons. Despite China's economic growth is not conducive to the copper market demand, but the recent poor economic data or stimulate the expectations of further monetary easing. Days in Shanghai with consolidation, wait for the new guidelines, is expected to today's spot copper co. , LTD.

hot financial information
1. According to the dollar, China imports fell by 12 July. 5%, losses; Exports fell by 4. 4%, the decline is slowing. Analysis, according to the declining exports showed weak external demand, at the same time imports was expanded again renewed concerns about China's domestic demand. In addition, the decline in Chinese exports to Hong Kong to 9. 3%.

2. The organization of petroleum exporting countries OPEC President said on Monday: & other; Oil demand is expected to increase in the third and fourth quarter of this year, analysts say the current bear market of crude oil is only temporary, or will rise in the price later in 2016, & throughout; He said that OPEC will be held in September - 26 28 held an informal meeting, OPEC members have been stable oil market are discussed. OPEC President speech driving oil prices rose.
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