Monthly Copper Market Report Sep 2019
2019-10-15 16:35:49 【Print】
The following is a brief synopsis of the report. Your access is restricted as it is a subscription based service.
Please contact us for a subscription.
Please contact us for a subscription.
Copper prices went down below RMB46,000/t (USD6,510/t) in early September when the United States and China slapped new tariffs on each other's products. Supported by news that China and the United States would restart trade negotiation in October and China's State Council released the signal of reserve requirement ratio cut, coupled with the expectation that copper consumption would recover during the September-October period, copper prices rebounded fast and kept rising to nearly as high as RMB48,000/t (USD6,793/t) in mid-September. However, given China's unsatisfying industrial data in August as well as an intensified worry about the trade friction between the world's top two biggest economies, copper prices began to slowly edge down in a reasonable way and closed at around RMB47,000/t (USD6,652/t) at the end of the month. In comparison to August, copper consumption slightly increased in September when more transactions were seen in the market. This month saw a continuing decrease in SHFE copper inventory. LME copper prices rebounded from low levels and remained hovering at relatively high levels in September, rising from USD5,610.5/t early in the month to USD5,728/t at the end of the month, along with an increase in copper inventory. In addition, US dollar index moved up from 98.7906 to 99.3974 in September when the Yuan-to-Dollar exchange rate edged down.
