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Copper review: weak foreign trade data of copper confined consolidation

by:Deyuan      2020-12-23
Abstract: by a weaker dollar boosted, London copper high and volatile closed up 1. 03%, China's foreign trade data weak market expectations of domestic policy easing further warming, is expected to spot copper flat today.

today's copper price analysis and forecast:
a weaker dollar boosted the international market prices, copper high and volatile, and late late closed at $4936, up $50, up to 1. 03%; Recent market trends show that investors concern about Britain withdrew the fade, global stocks and commodities has basically recovered to the level before the referendum. But the United States in the second quarter earnings tide coming, market sentiment towards cautious, copper or consolidation today.

the London metal exchange, according to data released on July 13, copper inventories to reduce 1700 metric tons to 233050 tons. Cancel the LME copper warehouse inventory than 29. 56%.

in the domestic market in Shanghai today open slightly higher, the current month 1607 contracts opened 38720 yuan, up 350 yuan, 'Shanghai copper contract bid $1607 to $38400 up 30 yuan. China import and export both fall in June, foreign trade continued to shrink, imported close to a record high in March after driving domestic inventories, Chinese copper imports have slowed for the third consecutive month, but in the first half of this year to import is still up 22% from a year earlier to 2. 74 million tons. Weak foreign trade data, the market of China in the second half or faster in efforts to more fiscal stimulus with optimism; Shanghai copper temporary consolidation today, is expected to spot copper stabilized.

hot financial information
1. Since this year, the world economic situation is still complicated, global trade continues shrinking trend, the domestic economy into the development of the new normal. According to customs statistics, in the first half of this year, China's trade in goods import and export gross 11. RMB 13 trillion, lower than the same period last year 3. 3%. Among them, 6 for export. 4 trillion yuan, down 2. 1%; Import of 4. 73 trillion yuan, down by 4. 7%; 1 trade surplus. 67 trillion yuan, 5. 9%.

2. The international energy agency ( IEA) Said on Wednesday, the Middle East crude oil output has climbed to a record high, while U. S. oil production fell. There are signs that OPEC USES the strategy of low prices to maintain market share is successful. The Middle East market share in the global supply of crude oil rose to 35%, the highest since the late 1970 s. The IEA said record high oil inventories are still for the recent oil price stability.
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