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Excess copper review: Peru copper production has triggered concerns about copper prices weak hard to change

by:Deyuan      2020-12-23
Abstract: inventory increased continuously on copper, London copper fell $52 and low more than six weeks, four copper project in Peru market supply in the excess supply of worries about the future, now is now copper retreated.

today's copper price analysis and forecast:
in the international market in the near future copper inventories increased continuously, and now owns over 240000 tons, refresh the record high since the end of January, copper prices continued weakness in the evening, closed down $52, closed at $4706, down to 1. 09%, in more than six weeks low; Volume 19857, holdings 333709 hand cut 182 hands.

the London metal exchange, according to data released on August 23, copper inventories increased 10700 mt to 240075 mt. Cancel the LME copper warehouse inventory than for 22. 38%.

2. Domestic market
Shanghai copper low open today, 1609 contracts opened the current month of 36990 yuan, down 90 yuan, the territory of Shanghai copper contract offer $1609 to $36800, down 280 yuan. Peru again beyond Chile may, become China's largest copper supplier, Chile is 403500 tons, an increase of 36%; Peru's supply of 421675 tons, an increase of 142%, Peru copper production high this year, this year is expected to expand output reached 600000 tons, four copper project in Peru supply copper prices soared, pressure on the downstream of excess supply worries about the future, today's spot copper or retreated.

hot financial information
1. According to the data published on Tuesday, the United States census bureau of commerce, U. S. new home sales from July 12. Down 2% 4%, far more than expected. New home sales in July in 65. 40000, a 2007 years, expectations for 580000. The latest data show that sales of new homes continued at a higher level.

2. The euro zone composite PMI August initial stabilization, Britain to take off the shock has not yet been revealed. August business activity held steady at a weak level. But slow growth in the new order, the factory in September may face a more difficult situation.
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