Views: 21686 Author: Site Editor Publish Time: 2020-07-24 Origin: Site
Last week, Shanghai copper fluctuated and corrected. The average weekly settlement price of the current month contract was 51840 RMB/ton, an average daily drop of 6 RMB/ton; the average price of the previous week was 52032 RMB/ton, down 0.37% from the previous week. Lun Copper fluctuated at a high level last week. The average price of LME copper in the first four trading days was US$6505.25/ton, an average daily increase of US$17/ton; the average price last week was US$6457.6/ton, an increase of 0.74% from the previous month.
In the market, the domestic spot copper price continued to fluctuate in the week of July 24. The average price of copper on Yangtze River Nonferrous Metals Network 1# reported 51896 RMB/ton, an average daily increase of 62 RMB/ton, and a weekly increase of 0.60%; the average price of the previous week was 52142 RMB/ton, a decrease of 246 RMB/ton compared with last week. The chain fell by 0.47%.
In terms of inventory, last week, London's copper inventory continued to fall, with a cumulative decrease of 15,625 metric tons to 141,725 metric tons, a cumulative decline of 9.93%. Last week, Shanghai's copper stocks were reduced slightly, reducing 963 tons to 157,684 tons, a decrease of 0.61%.
The domestic peak season effect is gradually showing, refined copper supply is slightly ample, but the overall inventory is still at a low level; overseas demand is gradually recovering, and the LME inventory has continued to deplete in the near future, which is nearly 50% less than the May high. The uneven global economic recovery and concerns about the second outbreak of the epidemic have suppressed the outlook for the bulk commodity market. Copper prices remained volatile last week.
On the macro front, China's economy continued to improve in the first half of the year. UBS has substantially raised its annual economic forecast for China, which is estimated to increase by 2.5% year-on-year, which is significantly higher than the previous forecast of 1.5%. The European Union reached an agreement on a 750 billion euro recovery fund to help member states weather the crisis and restart the economy. The US epidemic situation remains severe, which may make it difficult for the US economic recovery to outperform other countries. The further panic in Sino-US relations has also put pressure on copper prices.
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