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[market changes] the strong pull-up of Shanghai copper brushes a phased new high mainly due to the stimulation of mine-side disturbance news.
Jul 2,2020 09:19CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM7 March 2: stimulated by the mine-side disturbance news, Shanghai copper continued to pull strongly after opening high in early trading. As of 9:18, it reached a maximum of 49520 yuan / ton, once again refreshing the stage high, hitting a new high since January 20 this year.

BHP Billiton reportedly said it would significantly reduce the operation of Chile's Cerro Colorado copper mine-a decision that would mean a gradual reduction of the mine's workforce in response to the country's new crown pneumonia outbreak. In addition, some Chilean trade unions are formally asking the government to suspend production at all Chilean copper mines for 14 days to stop the spread of new crown pneumonia among workers. "View details

According to the latest data released on July 1st, there were 2650 new cases of crown pneumonia in Chile, with a total of 282043 confirmed cases, 65 new deaths and 5753 deaths. With the development of the epidemic in Chile, the safety of mining workers in Chile has been paid more and more attention, and corresponding measures have been taken. At present, the relevant voices of mining unions are also gradually strengthened, and the market is also worried about the risk of disturbance of Chilean mine supply. Under the support of the current recovery of China's economic data and the recent introduction of relevant positive policies, the interference of the copper mine side has undoubtedly provided more positive support to the copper price.

Although the impact of overseas outbreaks on copper concentrate imports was not fully reflected in May, SMM believes that imports are still expected to decline in June and July. In June, copper concentrates imported from April to May are expected to arrive in Hong Kong one after another, while due to the impact of the overseas epidemic, mine shutdowns in Peru, Mexico and other countries, and stagnant port shipments, there has been a significant reduction in imports. According to the SMM survey, some refineries reported that the raw material supply was tight in June and July, and the arrival volume would decline, so the domestic refinery maintenance arrangements increased in June and July to adjust the pressure brought by the raw material supply port. Taken together, SMM expects copper concentrate imports to fall near the 150-1.6 million physical tons in June.

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