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The excess supply copper review: the copper market short-term upside is limited

by:Deyuan      2020-12-23
Abstract: poor U. S. data drag down the dollar index fell 2, London copper vibration closed up nearly 1%; China increased supply and off-season slowdown in demand for copper upside is limited, this spot copper rose slightly.

today's copper price analysis and forecast:
a.
in the international market on Tuesday, according to the labor productivity in the second quarter fell for the third consecutive quarter, the dollar fell for the second day, evening base metals common benefits, copper high consolidation, closed up $45 to $4822 in late, up to 0. 95%; Volume 20419, holdings 355788 hand cut 1834 hands.

the London metal exchange on August 10, according to data released copper inventories to reduce 525 metric tons to 204825 tons. Cancel the LME copper warehouse inventory ratio of 26. 51%.

2.
in the domestic market in Shanghai today open slightly higher, the current month 1608 contracts opened 37500 yuan, up 260 yuan, Shanghai copper ruler 1608 contract price of 37330 yuan, up 90 yuan. Because of the influence of China's monetary stimulus fade, and the market once again focus on the copper market oversupply, the downstream demand is still light, lack of investor confidence in the copper market in foshan, short-term copper limited upside, material is copper edged up today.

hot financial information
1. On Wednesday, the U. S. department of labor data show that the JOLTS vacancies in June 562. 558 40000, higher than expected. In may, 80000, numerical correction from 5. 5 million to 551. 40000 people. JOLTS data are fed chairman yellen paid close attention to the Labour market indicators, today's data suggest that America's Labour market continues to recover.

2. According to bloomberg, Saudi Arabia has told OPEC, the average daily output of 10. 67 million barrels of crude oil in July. The monthly output has hit record highs. In July, according to people familiar with the production in order to meet the needs of domestic electricity generators. Analysis that the move will not enhance Saudi Arabia and other OPEC members of trying to limit production to boost oil prices. OPEC's President on Monday said that OPEC will hold an informal meeting in September.
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