LONDON (MarketWatch) – China’s copper imports are only stable over the past four months, and prices have not skyrocketed for June, the London Metal Exchange (LME) copper plummeted on Friday, 20% provide basis.
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London time on September 8 17:00 (Beijing time on September 9 00:00), LME three-month copper fell 3% to $ 6,693 per ton, its low in the session since August 25 lowest since $ 6,691.
Data show that China’s imports of copper and copper products in August for the fourth consecutive month to maintain stability, rather than as some people expected to grow. China is the world’s largest copper consumer.
According to the data released by the General Administration of Customs on Friday, China’s imports of unwrought copper and copper in August were 390,000 tonnes, unchanged from the chain, and the monthly copper import data since May has been maintained at that level.
Capitaline’s senior commodity economist Caroline Bain said: “Copper fundamentals can not provide price support.” He also pointed out that copper prices recently hit high after investors locked profit.
“If the refinery production is limited by environmental inspections, metal imports may increase in the coming months,” said Daniel Morgan, an analyst at UBS in Sydney. “” This is good for copper. ”
Friday released data show that LME warehouse copper registered warehouse receipts increased slightly, indicating that the overall market supply is abundant.
However, the dollar weakened support for copper prices, after the European Central Bank President Draghi said it may decide in October to begin to reduce the scale of debt.
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UBS analyst Morgan said China’s aluminum exports hit the lowest since March, indicating that the mainland supply side of the shrinking. I expect the next few months may be further shrinking exports, because part of the illegal smelting capacity is closed, and from November 15 from the refinery to avoid winter pollution and closed.
Three-month aluminum fell 0.4 percent at $ 2,099 a tonne, the first week in six weeks.
The London Metal Exchange said Thursday it would cut its short- and medium-term arbitrage trading costs from 1 October, hoping to boost trading volume, while other rivals intensified the launch of alternative products.
Three-month nickel fell 4.7% to $ 11,580 a tonne.
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Media reported Thursday that in response to the hurricane Irma, Cuba has begun to close nickel production enterprises. Cuba plans to produce 54,500 tonnes of nickel and cobalt sulfide this year.
“Nickel prices have been boosted by Philippine President Rodrigo Duterte’s mining pollution, but refined nickel stocks are still at a very high level despite the reduction in nickel ore supply,” said Bain of Capital Economics.
Three-month lead fell 3.2 percent to $ 2,265 a tonne.
Three-month tin closed down nearly 1% at $ 20,550 per tonne.
Three-month zinc plunged 3.1% to $ 3,031 a tonne.