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[summary of the important news of the copper market] Copper closed negative in Shanghai period * the downstream spot procurement was tired again.
Sep 3,2020 18:01CST
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 51930 yuan / ton, and then swung upwards to climb an intraday high of 52170 yuan / ton, but due to lack of momentum, the market fell back and closed at 52080 yuan / ton at noon. At the opening of the afternoon, the short positions were superimposed by long positions, and the copper price fell sharply to 51910 yuan / ton. after a little repair, it fell sharply again, from 51970 yuan / ton to a low of 51740 yuan / ton. Subsequently, the reduction of short positions led the copper price to rebound slightly to 51900 yuan / ton, but the promotion energy was insufficient, and the disk fell again to an intraday low of 51680 yuan / ton, finally closing at 51760 yuan / ton, down 430 yuan / ton, or 0.82%. On the spot side, on the whole, today's downstream is back in the wait-and-see mood, the market continues to be led by traders, and the price stalemate is difficult to change.

Today, Shanghai copper negative, KDJ opening down expansion, the lower shadow line fell below the 10-day and 20-day moving average entanglement position, the technical side is bearish copper price. Pay attention to the number of people applying for unemployment benefits in the United States in the evening as of the week ending August 29. Below Shanghai Copper, you may seek 51500 front-line support.

SMM Shanghai Copper spot Market KuaiBao: the market stalemate is obviously characterized by the narrowing of the price difference between copper and Pingshui copper.

"Sept. 3 SMM Guangdong Copper spot Market KuaiBao: high inventory, low consumption, rising water, high opening and low going in the next day.

SMM North China Copper spot Market KuaiBao: weak supply and demand maintain yesterday's level

"Sept. 3 SMM foreign mountain copper spot market KuaiBao: foreign trade copper market lack of liquidity premium continues to decline

LME copper inventory decreased by 325t New Orleans warehouse increased by 2500 t

Important news of copper city

[Ivanhoe Mining: the underground development of the Kakoula Copper Mine is expected to be put into production in less than a year] it is reported that the underground development of the Ivankao Mining Kakoula Copper Mine has continued to advance, and so far, the underground development mark of more than 20 kilometers has been completed, 6 kilometers ahead of the planned target. The Kakoula Mine plans to produce its first concentrate in the third quarter of 2021 and is expected to become the world's highest-grade large copper mine. It is estimated that 3.8 million tons of ore can be produced annually in the first five years of production, and the copper grade may exceed 6 per cent. "View details

[Codelco copper production in July fell 4.4 per cent year on year Escondida copper production rose 3.8 per cent year on year] according to the Chilean Copper Commission (Cochilco), Chile's national copper (Codelco) copper production in July totaled 133300 tons, up 1 per cent from the previous month and down 4.4 per cent from a year earlier. Chile's national copper industry produced 131900 tons of copper in June. In the first seven months, Chile's national copper production increased by 2.3% compared with the same period last year. "View details

China Daye non-ferrous metals released first-half results, the company realized income of 12.055 billion yuan (the same as below), down 31% from the same period last year; the company's owners should share a loss of 13.514 million yuan, compared with a net profit of 1.28 million yuan in the same period last year; and a basic loss of 0.08 cents per share. The announcement said the decline in earnings was due to poor production and sales of the company's main products.

[BHP Billiton buys renewable energy to reduce energy costs and emissions] BHP Billiton has signed a renewable energy purchase agreement with CleanCo, a state-owned clean energy producer and retailer in Queensland, so that half of the electricity needs of BHP Billiton's Queensland coal mines can be met, significantly reducing carbon emissions through the use of renewable energy such as solar and wind energy. "View details

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