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Review: copper inventories increased on buying copper prices stabilized

by:Deyuan      2020-12-23
Abstract: the dollar extended losses in the evening, copper closed up $9, stocks continue to rise on the market buying, copper is hovering above ten weeks low; Chile strike or resolved soon, this is copper stabilization is given priority to.

today's copper price analysis and forecast:
a.
in the international market the latest data released by the us ISM non-manufacturing accidentally hit a six and a half years low significantly less than market expectations, the prospects for the fed to raise interest rates again darkened, evening the dollar extended losses, get support late concussion higher copper, closed at $4636 edged up $9; 12970 hand, holdings 331974 hand cut 3442 hands.

the London metal exchange, according to data released on September 6, copper inventories increased 6450 mt to 334975 mt. Cancel the LME copper warehouse inventory than for 13. 75%.

2. Domestic market
1609 contracts opened today Shanghai copper current month 36480 yuan, down 20 yuan, 'Shanghai copper contract offer $1609 to $36530, up 30 yuan. Inventories continue to increase on the market to buy enthusiasm, the current copper price still is hovering above ten weeks low effective breakthrough; Chile's state copper company ( Codelco) Chief executive said on Tuesday, is expected to its minimum mining Salvador laurel strike problems will be resolved in the next few days, bearing surface subside, Shanghai copper back range consolidation, this spot copper stabilization is given priority to.

hot financial information
1. The federal reserve ( 美联储) On Tuesday, On September 6) In August, according to the American job market condition index ( LMCI) Recorded - 0. 7, the expected value of 0, the first value is 1, and earlier in August the ISM non-manufacturing PMI is lower than expected, in August the ISM non-manufacturing index of new orders is a new low since December 2013, raising interest rates expected much colder.

2. The institute for supply management ( ISM) Released data show that in August the ISM non-manufacturing index of 51. 4, a new low since February 2010, 55, 7 month is 55 significantly less than expected. 5. The ISM non-manufacturing far less than expected, the federal reserve to raise interest rates expected to drop, the dollar dropped, gold rose, rose after U. S. stocks lower.
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