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Review: copper copper closed at four-week low demand concerns China temporarily not ease

by:Deyuan      2020-12-23
Abstract: a drop in oil prices drag on the copper price, night closed at four-week low copper, copper worries of a slowdown in demand for China, Shanghai is still in the off-season, now is the spot copper fell slightly.

today's copper price analysis and forecast:
a. International market
the us crude oil inventories last week rose unexpectedly, worries the excess supply market heating up again, offset the frozen produce rumours recently, the good evening crude oil fell, copper is also under pressure, disk disadvantaged concussion, closed down $32 to $4777, or 0. 68%, a low since nearly all around; Volume 13303, position 357622 an increase of 1586 hands.

the London metal exchange on August 9, according to data released copper inventories increased 325 metric tons to 205350 tons. Cancel the LME copper warehouse inventory than for 24. 60%.

2. Domestic market
1608 contracts opened today Shanghai copper current month 37110 yuan, down 170 yuan, 'Shanghai copper 1608 contract price of 37260 yuan, 10 yuan; Lingering concerns about slowing demand for China, under the circumstances of China's economic growth is slowing, the decline in the real estate industry growth to the downstream demand for copper reduction, and the steady growth of production capacity, supply side continued to expand, and demand did not see obvious improvement, the copper prices relative to other metals under pressure, Shanghai copper performance remains concussion in the off-season, copper is expected today is small.

hot financial information
1. Released on Tuesday, the United States in the second quarter non-farm productivity initial value for the third consecutive quarter of decline, at the longest continuous decline since 1979, productivity decline rate and the highest since 1993, labor productivity is still stalled, analysts say, that for the fed, to maintain total demand is very important, especially in the case of employment growth is slowing.

2. China's consumer-price index in July 1. 8%, three consecutive month of decline, a new low since six months. PPI - year-on-year in July 1. 7%, narrowing the seventh consecutive month, as the smallest drop in the past two years, from 0. 2% from fall to rise. Analysts say shows situation gradually improve China's manufacturing industry, the economy as a whole tend to be more stable.
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