[SMM Weekly report selected] supply concerns aggravate spot copper concentrate spot TC offer downgrade

Published: Jul 11, 2020 10:43

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[SMM Weekly report selected: supply concerns heightened spot TC offer for copper concentrate] as of Friday, the SMM copper concentrate index (week) was at $50.30 / ton, down $1.07 / ton from last week. The Chilean epidemic has cast a shadow over the prospect of copper concentrate supply, which is also the main reason for the downward revision of spot TC offers this week. Turnover in the copper concentrate market is relatively light this week. On the one hand, there is not much supply left in the hands of traders, and refineries are also less willing to accept goods after the reduction in the offer. On the other hand, the SMM Copper Summit will be held in Shanghai next week, and both supply and demand tend to carry out follow-up operations after communication the week after next.

This week, "SMM Copper Industry chain Weekly report" was released, and the editor selected hot topics, prices, market or major changes in the industry chain and published articles for your reference.

As of Friday, the SMM copper concentrate index (weekly) was at $50.30 / ton, down $1.07 / ton from last week. Turnover in the copper concentrate market is relatively light this week. On the one hand, there is not much supply left in the hands of traders, and refineries are also less willing to accept goods after the reduction in the offer. On the other hand, the SMM Copper Summit will be held in Shanghai next week. As this year's epidemic is the first large-scale offline copper meeting, both supply and demand tend to carry out follow-up operations after communication next week.

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In terms of overseas mines, the mine operating rate in Peru continued to pick up in June. According to the Freeport announcement, the operation of the Cerro Verde copper mine resumed smoothly in June, with an operating rate of 80% of the 2019 average. In addition, its Lone Star project in North America is almost completed and is expected to be put into operation in the second half of the year. First Quantum also announced that it would resume production of Cobre Panama copper, which has been overhauled and maintained since early April, and the company said it expected to reach full capacity by mid-August. But the epidemic is simmering in Chile, where 2843 workers in the national copper industry have been infected with the new crown virus, according to the Federation of Copper Workers. The hardest hit mines are El Teniente and Chuquicamata, with 1044 new crown cases and a 14-day shift, while two copper mines owned by Antofagasta are voting on whether to accept wage agreements. The Chilean epidemic has cast a shadow over the prospect of copper concentrate supply, which is also the main reason for the downward revision of spot TC offers this week.

Catalogue of "SMM Copper Industry chain Weekly report" in this issue

Analysis of hot topics: the total amount of scrap copper issued in the third quarter continued to reduce compared with the previous quarter, and the supply of scrap copper is still limited.

Copper price forecast next week and focus on economic data

SMM data: spot discount, inventory at home and abroad, refined waste price difference

Supply worries lead to downward quotation and buyers and sellers are less willing to close a deal.

The ninth batch of approval documents issued in the short term with sufficient surplus of recycled copper is expected to be further weakened.

Local trading situation and output of electrolytic copper

Copper trade market analysis (Yangshan copper premium trend, import profit and loss data)

The latest situation of enterprise research: data and analysis of operating rate of copper enterprises

Maintenance trend of smelter

LME&COMEX: copper inventory and cancellation warehouse receipt ratio, LME copper spot discount

Dynamic news of enterprises at home and abroad

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"SMM China Copper Industry chain High-end report" includes: copper industry chain market changes, future views, monthly updates and interpretation of hot events, quantitative analysis of copper industry chain upstream and downstream output, import and export, inventory, cost, price and so on. And exclusively publish the monthly output data, operating rate and new items of the top ten copper smelting or processing enterprises in China. "View details

The "SMM China Copper Industry chain routine report" includes changes in exclusive data markets from copper mines, smelters to copper processing materials, spot to futures markets, future views, and weekly updates of hot events, focusing on contradictions that have changed greatly during the week. "View details

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