1、 Trend analysis
| EDTA |
On August 3, spot copper decreased slightly, and the current price was 50931.67 yuan / ton, a slight decrease of 1.84% compared with the previous trading day, a rise of 3.87% over the beginning of the year, and a year-on-year increase of 9.62%. LME copper’s 3-month contract rebounded after falling $6301 at the opening, and closed at $6385.5, up 0.12%. Shanghai copper’s main contract quickly dived to 50210 yuan in the early morning, then stabilized and rebounded. In the end, it narrowed down to 51050 yuan, or 1.49%.
Affected by Sino US relations last Friday, the nonferrous metals plate made a comprehensive adjustment. The accumulation of stocks in the domestic market in the off-season began, and the pattern of monthly difference correction was gradually adjusted. The registered warehouse receipts of LME copper market dropped to a low level, and the domestic Guangdong stock rose sharply again, approaching the 50000 mark and reaching the highest level in the same period in history. The imported copper is favored by the market due to its sufficient supply and low price. August into the consumption off-season, downstream orders decreased significantly, consumer buying is difficult to lead. However, some copper rod factories finished maintenance, and this part of the demand rebounded.
In view of the above situation, the economic recovery is expected to help boost market sentiment. As Chile and other major producers are still seriously affected by the epidemic, the market is still worried about the supply situation in the second half of the year. However, the consumption in August is affected by the off-season, and it is expected that the short-term high-level copper level will fluctuate.
| EDTA 2Na |