Home / Metal News / Copper / [summary of important news of copper market] Copper replenishment in Shanghai continued to decline at night, LME inventory continued to decline * spot rising water remained firm.
[summary of important news of copper market] Copper replenishment in Shanghai continued to decline at night, LME inventory continued to decline * spot rising water remained firm.
Sep 11,2020 16:54CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

Today's cash market

Today, Shanghai copper opened at 51250 yuan / ton, fell slightly after reaching 51550 yuan / ton in the short term, adjusted around 51400 yuan / ton shock, and closed at 51480 yuan / ton at noon. In the afternoon, the market continued to rise about 200 yuan / ton, stood on the daily average, and finally closed at 51680 yuan / ton, down 380 yuan / ton, down 0.73%. With the pullback, spot, downstream gradually return, inventory accelerated decline, rising water is strong and difficult to fall has become a short-term trend.

During the day, Shanghai copper rebounded from a low to around 51700 yuan / ton, making up for some of the losses in night trading. Shanghai copper three consecutive overcast in the week, has lost the support of the 20-day moving average, the technical point of view is bearish copper price. Wait for the outer disk guidance at night to test whether Shanghai copper can rise again.

"Sept. 11 SMM Shanghai Copper spot Market KuaiBao: the pullback attracts the lower reaches to gradually return to rising water, and it is difficult to have room for reduction.

SMM Guangdong copper spot market KuaiBao: the trade atmosphere is poor, the water weakens, the trading position increases.

SMM North China Copper spot Market KuaiBao: downstream bargain appropriate replenishment transaction is slightly better than yesterday

"Sept. 11 SMM foreign mountain copper spot market KuaiBao: foreign trade market remains low activity and turnover is light

LME copper inventory fell by 425t Bilbao warehouse dropped the most

Important news of copper city

[industry figures: copper processing fees are expected to fall to their lowest level in 10 years next year] traders and analysts say benchmark processing costs for copper concentrates are likely to fall for the sixth consecutive year next year and fall to their lowest level since 2011 of about $60 a tonne. this is due to a rebound in demand for refined copper, although supply is expected to recover. "View details

[construction of Kakoula copper mine in Democratic Congo is progressing smoothly] Canadian mining company (Ivanhoe Mines) announced on Tuesday that an independent final feasibility study confirmed that its Kakoula (Kakula) project assets in the Democratic Republic of the Congo could become the second largest copper mine in the world. The Kakoula copper mine, the first underground mine planned by the Camoa-Kakoula project, can mine 6 million tonnes of ore and a copper grade of 6.6 per cent a year in the first five years after it was put into production. "View details

At present, the internal and external environment of the copper processing industry is in urgent need of improvement. On the one hand, it is squeezed by international trade frictions, the COVID-19 epidemic, and weak domestic demand; on the other hand, relative overcapacity and disorderly competition still exist at the middle and low end, and there is an urgent need for adjustment and self-discipline. " GE Honglin, member of the standing Committee of the CPPCC National Committee and secretary of the party committee of the China Nonferrous Metals Industry Association, pointed out the environment facing the copper processing industry in a speech at the meeting. "View details

[institutional comments: the trend of Shanghai Copper remains to be verified] according to COMEX's position, as of Sept. 1, non-commercial bulls were 104091, bears were 50975, and net positions were 53116, an increase of 10626, or 25 per cent, from a month ago. From a seasonal point of view, non-commercial net positions are at a higher level than in the past five years. The author believes that the trading of multi-copper is already crowded, but it has not yet reached an all-time high level. Since August, the opening frequency of the import window has decreased significantly, and with the arrival of the peak consumption season, the long logic of Shanghai copper will face verification. "View details

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