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Daily review: weakening downstream demand slowdown in copper prices this week

by:Deyuan      2020-12-23
Copper market analysis, the international market a

in July for tonight's forthcoming non-agricultural data are the focus of the market, the dollar index shock consolidation, also wary of copper trend today, around the average daily price swings up and down, all day by the Beijing time 16:00, London metals ( LME) Copper latest offer $4835 up $3.

2, domestic futures in Shanghai today weak consolidation, the current month 1608 contracts opened 37300 high low settlement 37470 37210 37670, or 37500 yuan/ton, down 40 yuan, drop to zero. 11%; Positions, clinch a deal in Shanghai all contracts 468180 hand today, holdings reduce 21236 to 542568 hands. Main contract deal 307212 hands, holdings to reduce 8726 to 225438 hands.

3, the spot market on August 5, according to statistics the spot 1 # copper to 37630 yuan/ton, the last trading day down 170 yuan/ton, 140 litres of water to 180 litres of water; Shanghai spot 1 # electrolytic copper 37600 yuan/ton, down 150 yuan, smooth water copper clinch a deal the price down 37560 yuan 140 yuan, 37645 litres of copper price fell 155 yuan; Guangdong spot 1 # copper prices at 37425 yuan/ton, down 190 yuan. Huatong spot 1 # copper prices at 37655 yuan/ton, down 170 yuan/ton. Today's spot copper prices continue to fall; Increased global supply and demand is slowing weigh on spot copper, copper prices this week, the overall trend weakening the current lack of positive factors, downstream businesses fear mood gradually thick, high volume did not see improvement. Four, industry information

Goldman sachs said the global copper market is about to encounter a storm, estimated as the copper mine supply growth, producers costs fell and demand growth slows, prices may be in the next 12 months fell to $4000 per ton; In the first half of the world's copper supply strong growth, but the trend is expected to accelerate in coming quarters; This & other; Massive supply & throughout; Is expected to result in copper smelting cost rise, will eventually push up refined copper production, while demand growth to slow down; The copper price since this year's gains lagged behind the other raw materials.
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