Home / Metal News / Copper / [summary of Copper Market News] Dollar Index surpasses 8-week high Shanghai Copper pressure Down * LME continues to maintain Back structure Foreign Mountain Copper Premium Down
[summary of Copper Market News] Dollar Index surpasses 8-week high Shanghai Copper pressure Down * LME continues to maintain Back structure Foreign Mountain Copper Premium Down
Sep 24,2020 17:12CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

Today's cash market

Today, the Shanghai Copper 11 contract opened at 50740 yuan / ton. After the opening, the copper price quickly fell to an intraday low of 50480 yuan / ton. At this time, the bulls entered the market at a low price, and the copper price rebounded slightly and maintained a volatile trend, closing at 50720 yuan / ton at noon. In the afternoon, short positions increased again and the copper price fell to 50480 yuan / ton, but then the low open position copper price rebounded to 50970 yuan / ton, which fell slightly near the end of the day, and finally closed at 50640 yuan / ton, down 1.8 percent. During the day, the Shanghai Copper 2011 contract increased its position by 7117 to 112,000, mainly for short positions, and the trading volume increased by 71000 to 238000. Shanghai Copper 10 contract significantly reduced positions by 9325 hands to 58000 hands, mainly for long positions. The contract price difference between 10 and 11 is around 10 yuan / ton.

The initial PMI value of the US Markit manufacturing industry in September recorded 53.5, in line with market expectations and slightly higher than the previous value, reaching a 20-month high, indicating that the operating conditions of the US manufacturing sector continued to improve. Compared with European economies constrained by the rebound of the epidemic and Brexit, market investors prefer to hold US dollars. Today, the dollar index hovered at a two-month high of 94.4, and the upward performance of copper prices was difficult. Today, Shanghai copper overcast, fell below the Brin lower rail and 60-day moving average support, technical point of view copper prices are still under pressure. In the evening, we will pay attention to the number of people applying for unemployment benefits in the United States and the trend of the US dollar in the week ending September 19 to test whether Shanghai Copper can hold the 50500 mark.

SMM North China Copper spot Market KuaiBao: copper prices have plummeted, downstream purchasing enthusiasm has increased, water has risen, and water has gone up.

Spot market of SMM Yangshan copper KuaiBao: import copper market supply exceeds demand Yangshan copper premium goes down further

SMM Guangdong Copper spot Market KuaiBao: the sharp drop in copper prices failed to boost the high demand for shipments and weak downstream demand is the main reason for the sharp drop in copper prices.

"Sept 24 SMM Shanghai copper spot market KuaiBao: the market plummeted nearly 1,000 yuan, and the spot temporarily stayed at the front line of Pingshui.

Copper inventories decreased by 950 tons, and warehouse receipts for write-off fell by nearly 2%.

Important news of copper city

[SMM analysis: LME continues to maintain Back structure mountain copper premium all the way down] the rebound in overseas epidemics has added downside risks to the economy. Under the background of weakening economic stimulus policies, the manufacturing recovery may not be able to continue the early momentum, and the growth momentum of copper consumption will be reduced. LME inventories have recently shown a stabilization at the bottom and a slight rebound. Total LME inventories recorded a relatively low of 77000 tons as of Sept. 23, up slightly from 73000 tonnes on Sept. 9. At present, the domestic demand for US dollar copper is very low, and the Yangshan copper premium has fallen to the lowest level of the year, and the "delivery position" in the market is expected to heat up. Some traders said that if the premium continues to decline, some of the electrolytic copper originally sent to China may be transferred directly to the LME warehouse, so it is slightly difficult for LME 0-3 to re-rush the strong back structure.

[SMM Analysis] LME continues to maintain the Back structure and the copper premium is falling all the way down.

[Castillo Copper found higher-taste copper up to 28.4%] recently, mining company Castillo Copper (CCZ) has confirmed the existence of a better-taste copper mine in its Big One deposit in Queensland, with results from cuttings samples collected from the excavated ore and the unexplored area of the entire deposit. Among the 24 gravel samples, the results showed that the copper content of some samples reached 33.2%, 32.1%, 26.6%, and the average value of 24 samples was 6.7%.

"Castillo Copper found that the copper content in copper ores with higher taste was as high as 28.4%.

[Encounter plans to sell 75 per cent of Elliot to BHP] Encounter Resources said on Thursday that it had signed an option agreement with BHP (BHP Group) that would give BHP up to a 75 per cent stake in its Elliot Copper project upon completion of a joint verification scheme.

"Encounter plans to sell 75% stake in Elliot Copper Mine to BHP Billiton

 

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