[Cable Network News] Today, Shanghai copper rose and fell. The main month 2110 contract opened at 69,550 yuan/ton, the highest intraday was 69710 yuan/ton, the lowest was 68870 yuan/ton, the settlement was 69,380 yuan/ton, and the closing price was 69,070 yuan/ton. 310 yuan. Shanghai Copper’s main 2110 contract has a daily trading volume of 77,174 hands, a decrease of 25,484 hands, and an open interest of 122,433 hands, a decrease of 966 hands.
During the Asian trading session, LME copper fluctuated and fell. The latest price at 15:01 Beijing time was 9366 US dollars per ton, down 88 US dollars, or 0.93%.
In terms of the market, the domestic spot copper price fell slightly today. The price of 1# copper reported 69670 yuan/ton, down 160 yuan, and the premium was 80-140 premium; the Guangdong spot 1# copper price reported 69,700 yuan/ton, down 50 yuan; the Yangtze River spot 1# copper 69,710 yuan/ton, down 160 yuan, a premium of 130-150 premium; Shanghai spot 1# copper price reported 69,590 yuan/ton, down 160 yuan.
In the spot market, holders mainly ship at rallies, and the receivers are more afraid of high sentiment. The downstream only maintains just-needed purchases. The overall trading volume is quiet, and the transaction volume is significantly lower than yesterday. In August, domestic copper imports continued to decline, and downstream consumer demand was not good. In September, there was no maintenance plan for the refinery. The recovery of refined copper supply was relatively obvious. However, domestic copper stocks were still destocking. The Shanghai copper warehouse receipts dropped by more than 1,000 yesterday. Tons, which has now fallen above 23,000 tons, and short-term copper prices are unlikely to have a dazzling performance.
The data released by the General Administration of Customs on September 7 showed that China's copper imports continued to decline in August 2021, as the high copper price and the slowdown in economic growth continued to curb demand. China's imports of unwrought copper and copper materials in August were 394,017 tons, a 7% decrease from July, which was the fifth consecutive month of decline. Compared with August 2020, China's copper imports have decreased by 41%.
In terms of news, the second round of the fourth batch of central ecological and environmental protection inspections has been fully launched. Some production companies have production links that need to be rectified, as well as the impact of power restrictions. Electrolytic copper production fell by 1.3% month-on-month, and domestic copper stocks continued to be de-stocked. The price of copper is expected to rise slightly.
