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Market Review
2020-9-7

Sep 7(LTIT) –LME copper unexpectedly soared at the end of last week, and SHFE copper actively made up for the increase on Monday. The latest economic data released by the United States performed well, while the non-agricultural data was better than expected, which supported the US dollar index.

 

The year-on-year decline in copper production in Chile and Peru continued to narrow in July, and copper export supply will gradually pick up; In addition, the downstream demand is still flat, which makes the copper price lack upward momentum. However, the short-term copper mine recovery is limited, the current copper processing fee TC remains low, and the raw material cost support still exists; At the same time, the copper inventory dropped to a new low in recent 14 years. In addition, with the coming of the peak season in China, the demand is expected to pick up, which supports the copper price.

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