Today’s copper price
CCMN spot copper price: 77050 yuan / ton, up 2770 yuan / ton
Chile bill affects supply, copper may rise sharply on the 10th
Abstract: the prospect of economic restart in Europe and the United States is optimistic. Copper revenue rose nearly 3% every other week, reaching a record high. Chile’s tax increase bill will affect copper output, and renewable energy will promote consumption growth. Today, copper is expected to rise sharply.Huaxing ACSR Cable.
[copper futures market] with the acceleration of vaccine promotion, the prospects of economic restart in Europe and the United States are more optimistic. Every other week, Luntong continued to be strong and set a new record high. The latest closing price was $10413 / T, up 297 or 2.94%. The trading volume was 23447, up 9877, and the position was 328659, up 1073. On Friday night, Shanghai copper jumped to open high, and the latest closing price of the main monthly 2106 contract was 75720 yuan / ton, up 1570 yuan, or 2.12%.
London Metal Exchange (LME) reported its latest inventory of 126725 tons on May 7, a decrease of 4025 tons or 3.08% compared with the previous trading day.
Copper stocks in the previous period increased by 8603 tons to 208473 tons last week, after a slight decline for two consecutive weeks. Chile’s lower house of Parliament has passed a bill that includes a floating tax on copper sales based on copper price fluctuations. Industry analysts believe that the bill will at least delay Chile’s new copper production capacity projects. The CEO of Glencore believes that the copper price needs to grow to 15000 yuan to promote new supply, and the development of renewable energy will promote consumption growth for a long time. Today’s spot copper price is expected to rise sharply.