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[SMM brief Review] Today, the continued rising trend of copper in Shanghai Stock Exchange is expected to remain high and fluctuate.
Sep 7,2020 09:47CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM9 March 7: last Friday night, Lun Copper and Shanghai Copper both closed higher, opening on Monday, copper prices continued to rise, as of press release, Lun Copper reported 6782 US dollars / ton, Shanghai Copper reported 52550 yuan / ton.

Us non-farm data in August were lower than expected, but the unemployment rate was 8.4 per cent, rebounding for the fourth month in a row and market optimism heightened. Federal Reserve Chairman Colin Powell said on Friday that the August non-farm payrolls report was "good", but hinted that the Fed would maintain ultra-loose monetary policy for several years to support the economy's recovery from the coronavirus crisis and recession, further stimulating copper prices.

On the fundamental side, LME inventories hit another all-time low, with LME copper inventories totaling 82450 tons as of Friday, and falling inventories also played a key role in the recent price rally. The tight supply pattern at the mine end remains unchanged. As of Friday, the SMM copper concentrate index (weekly) was at $48.28 / ton, down $0.57 / ton from the previous month, which is expected to continue to support copper prices.

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On the spot side, due to the sluggish domestic consumption in the peak season, it may be difficult for prices to continue to rise, and it is difficult to improve the market stalemate.

[SMM Analysis] weak orders, high inventory and high operating rate of refined copper rods are expected to continue to decline in September.

It is expected that Lun Copper will be 6760-6840 US dollars / ton today and Shanghai Copper 52200-52800 yuan / ton, which will continue to fluctuate at a high level.

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