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Copper shock rebound, the downstream demand is weak

by:Deyuan      2020-12-23
Metal dynamic:
Lima, July 29, Chile's government, according to data released on Friday, Chile copper output of 473608 tons, in June fell 7. Fell 7% as the ore grade.
Chile is the world's largest copper producer, the country's copper production accounts for about a third of the total global copper production.
in view of the recent decline in copper prices, many of the Chilean miners are to reduce costs and cut production.

the futures market overview:
LME3 month copper shock rise today. Morning opened at $4911, in early trading sideways, low to $4909, afternoon began to rise in pulse type, quickly pull up to the highest in late 4959 dollars, domestic trading period ended in 4953. Five dollars. Shanghai copper main shock rise 1609 month today. Morning after opening sideways, afternoon began to rise, the dish plate back short-term consolidation rose, the highest point to 38250 yuan, finally closing at 38170 yuan, up 360 yuan, or 0. 95%, reducing 14774 holdings to 175052 hands. Spot market overview:


Shanghai trading center (metal extraction solution today The original WuMao colored spot market) , the spot copper main clinch a deal in 37790 - in the morning 37940 yuan/ton, a rise of 125 in the last working day, and the c60 - liter discount B90 yuan, compared with the previous rose 25 yuan a day. Well today the market supply, traders, shipping is given priority to, to smooth water copper smelter small shipment. Due to the poor downstream consumption traders want to not delivery, inventory backlog. And downstream manufacturer orders is poorer, capacity utilization is low and the sales situation is not ideal, the purchase electrolytic copper demand, waiting for the decline in copper prices, while maintaining the wait-and-see attitude. Rise to yield a pick up in the morning, afternoon in b80 - good copper B110 yuan, smooth water b10 copper - B30 yuan, wet the c70 - copper C50 yuan. Extract solution according to Shanghai metal trading center survey, most traders concussion and a small number of traders take up view.

center point:
China July two major manufacturing PMI serious deviation, official data showed that PMI fell below 50 threshold line to 49. 9 and the caixin PMI rose to 50. 6, a 19-month high. According to two big covered with PMI samples differ, the southeast coastal relatively heavy industry on the mainland more successful small business enterprise transformation, resulting in caixin PMI is increased, while the official PMI contains small sample delivery is wide, the difficult of enterprise transformation, and the decline of the PMI. The whole, the single caixin PMI rebounded does not represent the whole development of small and medium-sized enterprises, the future remains to be seen, and you can see from the official data, the overall performance of manufacturing is bad, in the process of China's economy continues to find. 1 the United States, the United States in the second quarter GDP growth. 2%, sharply below expectations, leading to raise interest rates expected slide in the dollar, the dollar down. Although preliminary us all the data, but less reflected in GDP, we can see from this, the American economy has a long way on the way of healthy development. Spot, will shipping market is stronger, but the downstream consumption ability and willingness to weak, which traders inventory backlog. Technical, day K line hovered near 20 daily average lines, and get among rail support, KDJ bottom rebound upward, is expected to form the golden cross, expected copper still have certain rising space, interval 37800 - 38800.
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