1、 Trend analysis
| Melamine |
On August 19, the spot copper price was 52305 yuan / ton, up 2.26% compared with the previous day, 6.67% higher than that at the beginning of the year, and 12.53% higher than that at the beginning of the year. LME copper’s 3-month contract rose rapidly to US $6686 at the beginning of the trading, and then came under pressure. The Asian stock market closed at US $6633, up 0.52%; Shanghai copper’s main force continued to rise 52520 yuan in the morning, then fell back to close at 52150 yuan, an increase of 2.60%.
Global copper smelting activity fell in July to its lowest level in more than two years, with the weak performance appearing to be partly due to increased maintenance at smelters. China’s refined copper production was 814000 tons in July, flat on a year-on-year basis, down 5.3% month on month, according to data released by the National Bureau of statistics on Tuesday. Rio Tinto lowered its annual production target to 135000-175000 tons, up from 165000 to 205000 tons. LME copper stocks fell to a 13 year low on Tuesday as inventories continued to flow out and overseas inventories continued to decline. In the spot market, the sellers hold the price and are reluctant to sell, while the middlemen just need to buy. They are afraid of high and wait-and-see mood in the lower reaches, and the transaction is not so good.
In view of the above situation, the decline of overseas inventory of refined copper and the decline of output have led to the rise of copper price. However, the market is still in the end of the off-season in August, and the copper price is expected to remain high and volatile.
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