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[summary of the important news of the copper market] the copper closing cross star in Shanghai period is difficult to ship goods due to poor consumption in the lower reaches.
Sep 15,2020 16:59CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

Today's cash market

Today, the main force of Shanghai copper opened at 52170 yuan / ton in the morning. After opening, the short positions increased the copper price. The disk slipped and hit an intraday low of 51990 yuan / ton, then rebounded to 52180 yuan / ton. In the second trading session, Shanghai copper fluctuated in a narrow range around 52140 yuan / ton, and the bulls entered before midday, pulling copper prices quickly above the daily average until it closed at 52240 yuan / ton at noon. Opening in the afternoon, the market slipped, falling sharply to 52020 yuan / ton, when short positions quickly raised copper prices to an intraday high of 52240 yuan / ton, with a slight pullback at the end of the day, and finally closed at 52160 yuan / ton, up 90 yuan per ton, or 0.17%. Spot aspect, Shanghai area wet copper to the next monthly report discount 80-20 yuan / ton, the market differential wet method and the non-standard goods source is abundant, the downstream consumption is not good the market is difficult to ship. After changing the moon tomorrow, the focus of the market will gradually turn to the stock situation before the National Day holiday, as well as the delivery status of the long order, and it is expected that the rising water will gradually show a steady upward trend.

Today, Shanghai copper close cross star, stand on all moving averages, KDJ opening up expansion, technical point of view copper prices still have room to rise. Wait for the outer disk guidance at night to test whether Shanghai Copper can reap rising momentum again.

SMM Shanghai copper spot market KuaiBao: the price difference between the two months on the delivery day is large, and the low rising water of the next month is attractive to traders.

"Sept 15 SMM Guangdong copper spot market KuaiBao: Guangdong inventory continues to increase for monthly traders to ship at a normal price

"Sept. 14 SMM North China Copper spot Market KuaiBao: copper prices rise and transactions maintain a light pattern

"Sept. 15 SMM foreign mountain copper spot market KuaiBao: the copper foreign trade market turnover is light, the market wait-and-see mood is strong.

LME copper stocks increased by 3675 tons today, the largest increase in New Orleans warehouses.

Important news of copper city

[Chile's National Copper Department reached an agreement with local trade unions on new labor negotiations] it is reported that the EI Teniente Copper Division of Chile's National Copper has signed a collective agreement with local union management, the (collective Agreement), agreement will take effect from November 1 this year, valid for 36 months. Under the agreement, no adjustment has been made to the salary, but 3.6 million Chilean pesos are agreed to be paid as an allowance / bonus, and the relevant beneficiaries can radiate to none-union professionals, 3.6 million pesos, which is 53.4% lower than previously negotiated. "View details

[the replenishment of the imported copper consumption industry chain will drive the plate upstream] the rise of the copper plate in the early period mainly comes from the bottom repair of the valuation. The factors that we judge that copper prices will remain strong in the future include: 1) reduced real consumption of copper and concerns about invisible inventories, with global explicit inventories at historic lows of 570000 tons; 2) public health events continue to disturb the mine side, long-term impact or higher-than-expected; 3) steady economic recovery and continued liquidity easing. The seasonal strengthening of consumption opens the replenishment market of the industrial chain, which is expected to drive the copper price to hit 7000 US dollars / ton this year. With the increase in the certainty of earnings in the third quarter and the rise in valuation of pro-cyclical sectors, copper companies are expected to usher in Davis double-click. "View details

[broad prospects for acid recovery and comprehensive utilization in non-ferrous industries] the main sulfuric acid production methods in China are sulphur-based sulphuric acid production, non-ferrous smelting flue gas sulfuric acid production and pyrite sulphuric acid production, accounting for 45.8%, 36.1% and 17.1%, respectively. Due to the high demand and the shortage of sulfur data, China needs to import tens of millions of tons of sulfur every year to meet the market demand for sulphuric acid. At the same time, a large amount of waste sulfuric acid is produced in industrial production. If the industrial waste acid can be treated as resources, it is not only conducive to the green development but also conducive to the sustainable development of China's sulphuric acid industry. "View details

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