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[summary of the important news of the copper market] Copper closed positive in Shanghai * the sharp rise in the market restrained the trading activity of the spot market.
Sep 7,2020 17:52CST
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 52760 yuan / ton, rising slightly after the opening, climbing an intraday high of 52840 yuan / ton, when the bulls made a profit and the copper price fell back to close at 52520 yuan / ton before noon. Copper prices continued to fluctuate down in the afternoon, exploring the intraday low of 52030 yuan / ton, then rebounded slightly, and finally closed at 52240 yuan / ton, up 840 yuan / ton, up 1.63%. On the spot side, the sharp rise in the market today suppressed the activity of the market, but did not see the emergence of the willingness to sell goods at a high level, continued to show a stalemate jigsaw situation, rising water changes up and down the space is limited.

Today, the copper in Shanghai closed, and the KDJ opening narrowed upward, and below it was still supported by the 10-day moving average. Wait for the outer disk guidelines at night to test whether Shanghai Copper can continue to rise steadily.

"Sept. 7 SMM Shanghai copper spot market KuaiBao: the market rebounded by more than 1,000 yuan / liter water and stopped at a stalemate.

SMM Guangdong Copper spot Market KuaiBao: inventory increases, superimposed copper prices soar, consignors take the initiative to reduce prices and ship goods.

SMM North China Copper spot Market KuaiBao: copper prices soar downstream do not follow rising replenishment

"Sept. 7 SMM foreign mountain copper spot market KuaiBao: import losses expand foreign trade again, there are few transactions in copper.

LME copper inventory reduced by 4900 tons the largest drop in Rotterdam warehouse

Important news of copper city

[Grasberg is expected to go underground by 2022 but copper and gold sales are not expected this year.] at an online meeting on Friday, Tony Wenas, CEO of (PT Freeport Indonesia), the Indonesian branch of Freeport, said that as Grasberg copper and gold mines gradually shift to underground mining, copper sales are expected to jump to 1.4 billion pounds and gold sales will increase to 1.4 million ounces in 2021. "View details

[SMM analysis: imports of unwrought copper and copper products decreased 12.39% in August compared with September] according to data released by the General Administration of Customs today, China's imports of unwrought copper and copper products totaled 4.272 million tons from January to August, an increase of 38.1% over the same period last year. Imports of unwrought copper and copper products totaled 668000 tons in August, up 67.1% from a year earlier and down 12.3% from a month earlier. The import window has been closed since mid-June and demand for imported copper has weakened significantly. As overseas copper demand gradually recovers, while domestic consumption weakens month-on-month, overseas inventories decline, the proportion of written-off warehouse receipts remains high, LME spot prices gradually strengthen, and the outer disk basically maintains the back structure after July. "View details

[China Enfei successfully developed ultra-thin electrolytic copper foil] recently, China Nonferrous Engineering Co., Ltd. and China Enfei Engineering and Technology Co., Ltd. wet process high-performance electrolytic copper foil R & D team successfully developed 4 micron ~ 6 micron ultra-thin double light electrolytic copper foil products, indicating that the company has mastered the complete electrolytic copper foil product development technology covering the production process and equipment. "View details

[SMM summary review: today's Shanghai copper rally is expected to remain high.] the non-farm data in the United States in August were lower than expected, but the unemployment rate recorded 8.4%, rebounding for the fourth month in a row, and market optimism increased. 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. "View details

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