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[summary of important news of the copper market] No centralized purchase of copper in the lower reaches has been seen in the spot aspect of the sudden earthquake in Chile.
Sep 1,2020 17:57CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

Today's cash market

Today, the Shanghai Copper 10 contract opened at 52250 yuan / ton, then adjusted around 52300 yuan / ton shock, after the center of gravity slightly raised, all the way up concussion, closing at 52430 yuan / ton at noon. Copper prices continued to rise in the afternoon, bulls entered the market strongly superimposed short positions, copper prices rose about 170yuan / ton, and then continued to shake up to climb the intraday high of 53050 yuan / ton, and finally closed at 52990 yuan / ton, up 1000 yuan / ton, or 1.92%. Spot, as there is no centralized procurement downstream, traders prefer Pingshui good copper supply, wet copper supply exceeds demand pattern is obvious. Downstream orders have not improved, the domestic short-term is still expected, traders have a strong willingness to raise prices, but it may be difficult for prices to continue to rise, and it is difficult to improve the market stalemate.

Today, the copper in Shanghai is closed, the KDJ opening is expanded upwards, and the lower part is supported by the 5-day moving average. Today announced the final value of Markit manufacturing PMI in the United States in August, the overnight dollar index has fallen below 92 points, and copper has reached a two-year high in Europe. In the evening, we will be concerned about whether the bulls of copper in Shanghai can make continuous efforts to effectively stabilize the 53000 yuan / ton mark.

"Sep 1st SMM Shanghai Copper spot Market KuaiBao: traders improve activity, strike price delivery transaction is limited

SMM North China Copper spot Market KuaiBao: trading in the market improved slightly at the beginning of the month, but the transaction was still mediocre.

SMM Guangdong Copper spot Market KuaiBao: smelters and big traders join hands to raise prices and spot prices rise rapidly.

KuaiBao: consumption expectations tend to be pessimistic in September. Foreign trade merchants' shipping sentiment increases. "SMM foreign copper spot market KuaiBao: September consumption expectations tend to be pessimistic.

LME copper inventory reduced by 1100 tons the largest drop in Rotterdam warehouse

Important news of copper city

[magnitude 6.3 earthquake occurred off the coast of northern Chile] the China Seismological Network officially determined that a magnitude 6.3 earthquake occurred off the coast of northern Chile (28.05S, 71.31W) 12:30 on September 1st, with a focal depth of 10 km. Chile is an earthquake-prone country with a magnitude 9.5 earthquake. According to SMM, Codelco and Antofagasta and other large copper enterprises have not been affected, SMM will continue to follow.

The Resource tax Law is implemented today. All the copper bosses care about is here! This resource tax legislation adheres to the framework of the current tax system and the overall level of tax burden remains unchanged, and generally speaking, the burden does not change much. However, in order to give full play to the role of resource tax in promoting resource conservation, the vast majority of resource products are taxed ad valorem, and the specific tax rate is determined by each province within a certain range, so the change of the tax burden of specific enterprises is more complex, increasing and decreasing. The production cost of polymetallic mines is expected to increase. The original ad valorem levy only needs to levy resource tax according to the original ore weight, which in disguise saves the cost of by-product metals in polymetallic minerals, but after the ad valorem levy, different metal minerals are required to pay resource tax, so this part of the cost will be increased. "View details

[Yulong Copper Mine Reconstruction and extension Project Noma Nonggou tailings Reservoir initial Dam successfully closed] on the afternoon of August 23, the initial dam of the Yulong Copper Mine Reconstruction and extension Project, which lasted 509 days, was successfully capped, marking the solution of the "bottleneck" problem restricting the progress of the Nuomalonggou tailings dam project, and a solid step for the timely commissioning of the Yulong Copper Mine reconstruction and expansion project. "View details

The new solid waste law comes into effect today, and the common sense of doing scrap copper business must be collected! The detailed rules for the import of recycled copper are up in the air, there is no official statement on the detailed documents for actual import, and waste enterprises have not yet received the relevant latest notices, and the delay in the import of recycled copper has basically become a fact. More opinions in the market have turned to the expectation that the import standard of recycled copper will not be used until September. "View details

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