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Copper review: poor Chinese data copper prices fell to a one-month low

by:Deyuan      2020-12-23
Abstract: China's basic metals prices drag on, the poor economic data partition Zhou Lun copper fell 1. 98% low in nearly a month, China's economic growth on market confidence, today Shanghai copper fell, the material is copper with fall.

today's copper price analysis and forecast:
a.
in the international market by China's poor economic data as a whole, the international metal a broad retreat, Friday night copper disadvantaged consolidation, late copper fell 1. 98% to $4752, hit a one-month low, the volume of 18287 hands, position 349786 hand cut 2431 hands.

the London metal exchange on August 12, according to data released copper inventories to reduce 1550 metric tons to 202375 tons. Cancel the LME copper warehouse inventory ratio of 26. 95%.

2. Domestic market
1608 contracts opened today Shanghai copper current month 36280 yuan, down 1100 yuan, 'Shanghai copper contract offer $1608 to $36980, down 400 yuan. Collective slowdown in economic activity in July in China, industry, investment and consumption data are not as good as expected, investment growth down to low 16 and a half years, private investment growth rate hit a record low, China looks anaemic economic growth, but the stimulus is still hard to come on stage, confidence in the market, is expected to fill in Shanghai fell today, material physical copper to fall.

hot financial information
1. In July, China's new credit, social harmony and M2 less than expected. In July, according to central bank data new yuan loans of 463. 6 billion yuan, is expected to 850 billion yuan; Social harmony scale of 487. 9 billion yuan, is expected to 1 trillion yuan; M2 added 10. 2%, 11. 0%. The M1 - M2 growth and countryside continues to expand, to a record high, according to the economic downward pressure is big, enterprise investment income is low, the investment will decline.

2. On Friday, the Thomson Reuters/university of Michigan, according to a report in August at the university of Michigan consumer confidence index for 90. 4, although less than the expected 91. 5, but better than last month of 90. Michigan's chief economist, said, consumers' optimism about the economy as a whole, but there are concerns on personal finance.
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