Daily review: merchants bearish market outlook weaker copper price
the fed on Wednesday to keep interest rates unchanged, but said the short-term risk to the outlook for the us economy weakened, setting the stage for years raising interest rates; Weak dollar today concussion, copper morning open slightly higher after maintain strong shocks, as of 16:00 (Beijing time), the London metals ( LME） Copper latest offer $4882 up $48.
2, domestic futures today in Shanghai to maintain low consolidation, the current month 1608 contracts opened 37700 high low settlement 37700 37430 37890, or 37820 yuan/ton, down 70 yuan, drop to zero. 18%; Positions, clinch a deal in Shanghai all contracts 542522 hand today, holdings reduce 11980 to 576748 hands. Main contract deal 307786 hands, holdings to reduce 17796 to 207992 hands.
3, the spot market, according to statistics show spot on July 28, 1 # copper to 37800 yuan/ton, the last trading day down 200 yuan/ton, 70 litres of water to 90 litres of water; Shanghai spot 1 # electrolytic copper 37720 yuan/ton, down 220 yuan, smooth water copper clinch a deal the price down 37690 yuan 230 yuan, 37755 litres of copper price fell 205 yuan; Guangdong spot 1 # copper prices at 37710 yuan/ton, down 280 yuan/ton; Huatong spot 1 # copper prices at 37825 yuan/ton, down 220 yuan/ton. Widened spot copper fell today, premium, traders normal shipment, but some of the downstream businesses more pessimistic views about future movements, waiting to buy less, fewer market clinch a deal. Four, industry information
Santiago on July 27, news, Chilean copper ShangAn method and stark ( Antofagasta) In January, according to the total output of copper will be close to 710000 - released 740000 tons of forecast range, due to the global market oversupply situation there were signs of weakening. Like other miners, antofagasta for planning the renewal this year. But investors still cannot relax, the commodity market oversupply, through the practice of selling assets to reduce debt it takes a long time. The company said that even if the production target range, will not stop its efforts to reduce costs. Chief executive Ivan Arriagada said, annual output is expected to close to the estimated range released in January, but still have the confidence to continue to carry out the annual cost control and improve the operation efficiency. In the second quarter of copper output of 166200 tons, five from the first quarter growth. 8% as Los Pelambres, Zaldivar and Antucoya ore production. The company said full-year output will reach the target range is because are adopting improved tailings processing technology. Chinese demand growth is still not enough to affect the market, the oversupply situation is expected to continue, but compared with other base metals, copper market prospect is less gloomy.