Copper prices fell slightly (8.30-9.3)

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The price of copper fluctuated down this week. As of this weekend, the spot copper price was 69,478.33 yuan/ton, down 0.88% from 70091.67 yuan/ton at the beginning of the week, up 19.88% from the beginning of the year, and up 33.26% year-on-year.

Macro aspect: At the beginning of this week, the dollar fell and metals rebounded. The small non-farmers in the United States fell short of expectations. The United States announced on Thursday that the number of initial jobless applications for the previous week was 340,000, a record low, and the price of copper fell slightly.

On the supply side: this week, there are more policy news, which affects the supply of copper. One is that the third batch of domestic dumping of reserves will arrive at the factory next week at the earliest, and the price will be lower than the market price, which will help reduce the cost of downstream enterprises. The reduction in output caused by power curtailment can be further compensated and the market supply pressure will be eased. The second is that Chile’s mining industry passed the mining tax bill, which will result in a substantial increase in the actual tax rate, affecting future mining investment, and future copper mine development is expected to decrease. Codelco, the world’s largest copper producer, said on Thursday that the two unions of Chile’s Andina copper mine have reached a labor-management agreement with the company, ending the strike that began in mid-August.

In terms of demand: traditional automobile production and sales declined significantly in July. Although the production and sales of new energy vehicles are increasing, the absolute volume is not very large, and it is not enough to drive copper consumption. Air conditioners are an important field of copper pipe use. The chain ratio is declining.

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