1、 Trend analysis
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On November 11, the spot copper price was 51965 yuan / ton, down 0.46% from the previous day, 5.98% higher than the beginning of the year, and 10.13% higher than the same period last year. Shanghai copper main shock operation after the opening, closed at 51930 yuan, down 0.40%. Luntong copper’s 3-month contract rebounded after a small low opening, closing at $6952, down 0.14%.
In terms of supply, the copper concentrate market remains tight. However, the import volume of copper from June to September was amazing, with the average monthly import of refined copper reaching more than 500000 tons. According to the import volume of non forged copper and copper materials in October, the import volume of refined copper in October was about 400000 tons. With a large number of imports, refined copper is gradually becoming abundant. In terms of demand, domestic terminal consumption shows differentiation, and the demand for cables is not good, while the growth of automobile and household appliances is driven by growth. In the next two months, we will focus on the power data. Spot market, traders cautious mood, downstream just need to purchase, the overall transaction is general.
In view of the above situation, there is a possibility of demand acceleration at the end of the year for power grid investment, automobile production and sales have been increasing for seven consecutive months, copper processing fee TC remains low, copper price has support at the bottom, and space below is limited.
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