Today's cash market
Today, Shanghai copper opened at 51910 yuan / ton and adjusted around 52100 yuan / ton shock, and then the bulls entered the market to pull up the copper price, climbing a daily high of 52530 yuan / ton, but the rising momentum was limited. After the market fell, the position was adjusted around 52250 yuan / ton, closing at 52270 yuan / ton at noon. In the afternoon, the center of gravity of Shanghai copper moved down, fluctuated up and down the daily moving average, and finally closed at 52120 yuan / ton, up 500 yuan / ton, or 0.97%. On the spot side, the domestic social inventory performance went to the warehouse last week, and the approaching delivery increased the traders' price sentiment. It is expected that the short-term discount will remain strong. However, under the high quotation, the actual transaction performance of the market continues to be deadlocked and light.
Today, the copper in Shanghai closed, and the lower part is still supported by the 20-day moving average. Wait for the outer disk guidelines at night to test whether Shanghai Copper can hold the 52000 yuan / ton mark.
"Sept. 14 SMM Shanghai copper spot market KuaiBao: the market rebounded and the rising water was high and difficult. The fluctuation of the price difference before delivery had an impact.
SMM Guangdong copper spot market KuaiBao: near delivery market activity is not high low price good copper is favored
"Sept. 14 SMM North China Copper spot Market KuaiBao: copper prices rise and transactions maintain a light pattern
"Sept. 14 SMM foreign mountain copper spot market KuaiBao: import losses have widened to nearly 1,000 yuan in the foreign trade market, there are few transactions.
LME copper stocks fell by 675t today the biggest drop in Singapore
Important news of copper city
[China Nonferrous Metals Association recycled Metals Branch: China scrap Copper imports decline 50 per cent this year] Wang Jiwei, vice chairman of (CMRA) of China Nonferrous Metals Association recycled Metals Branch, said at the China International Copper Forum on Friday that China's scrap copper imports fell by 50 per cent this year. China, the world's largest metal consumer, imported 1.49 million tons of scrap copper in 2019. To date, China has approved a total of 743140 tons of scrap copper. "View details
[the novel coronavirus epidemic worsens the Zambian mining sector] Michael Phiri, a Zambian tax partner at KPMG, said that although the epidemic had a "negative and direct" impact on the gem industry, the impact of the copper mining industry was even greater. Increased demand has boosted international copper prices, which are currently trading at about $6750 a tonne. However, the country's smelting capacity has been exhausted, which, although it began before the novel coronavirus pandemic, has been exacerbated by the epidemic. "View details
Deutsche Bank expects the average price of copper to be $6000 / tonne in 2020, $6450 / tonne in 2021 and $1675 / tonne for aluminum in 2020 and $1750 / tonne in 2021.
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