Today's cash market

In the morning, the Shanghai Copper 11 contract opened at 50790 yuan / ton. after the opening, the copper price briefly rose to 51040 yuan / ton, and the short positions above the 51000 gate once again increased the position and slipped down 50690 yuan / ton, then maintained the concussion trend and closed at 50900 yuan / ton at noon. At the opening of afternoon trading, Shanghai copper fell about 150 yuan / ton. near the end of the day, due to the decline of the US dollar index, short positions rose to an intra-day high of 51170 yuan / ton, and finally closed at 51040 yuan / ton, up 200 yuan / ton, or 0.39%. On the spot side, the sharp drop in copper prices has led to a low rise in spot quotations. With the approach of the National Day holiday, short sellers have made a profit, and replenishment before the festival has gradually come to an end. The amount of inventory replenishment in the lower reaches of this year is obviously worse than in previous years, and the spot market may fall back into a stalemate next week.

Today, the copper in Shanghai closed, and the KDJ opening converged upward, but there are still multiple moving averages to be broken. In the evening, wait for the outer disk guidance to test whether Shanghai Copper can continue to rise and stabilize above the 51000 mark.

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LME copper inventory reduced by 2700 tons the largest drop in Rotterdam warehouse

Important news of copper city

[SMM practical information: copper customs import and export data in August] according to data from the General Administration of Customs, China's refined copper imports in August totaled 470100 tons, a decrease of 15.29 percent from a month earlier, an increase of 62.83 percent from January to August, an increase of 37.66 percent over the same period last year. Copper concentrate imports totaled 1.5867 million tons in August, down 11.6% from the previous month, 12.58% lower than the same period last year. From January to August, imports totaled 14.2437 million tons, 1.38% less than the same period last year.

[SMM analysis: domestic copper consumption weakens, electrolytic copper imports decreased by 15.29% month-on-month in August 2020. China imported a total of 470100 tons of refined copper (refined copper cathodes with unwrought copper content > 99.9935% and other unwrought refined copper cathodes) in August 2020, a decrease of 15.29% month-on-month, an increase of 62.83% over the same period last year. China imported a total of 2.952 million tons from January to August, a cumulative increase of 37.66% over the same period last year. "View details

On September 4, China Gold Group Inner Mongolia Mining Co., Ltd. (hereinafter referred to as "Wushan") formally obtained the approval of the people's Government of Inner Mongolia Autonomous region on the project land for environmental pollution prevention and comprehensive recovery and utilization of low copper waste rock in Wunuogetushan Copper-Molybdenum Mine, and agreed to the planning land for the project. "View details

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Contact person: Xu Dean

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