China Copper may fall on the 25th Mar 2021
The sharp rebound in international oil prices boosted the commodity market. LME copper closed up by US$18 overnight. Short-term differences existed between supply and demand. The downstream demand has not shown any signs of improvement. Today, copper materials have fallen.
[Copper futures market] The international oil price rebounded sharply and boosted the commodity market. The price of LME copper was limited overnight. The latest closing price was 8889 US dollars/ton, up 18 US dollars, or 0.20%. The trading volume of 13,228 lots decreased by 3580, and the open interest was 314,503. Hand increased by 1219 hands. In the evening, the Shanghai copper trend was strong. The latest closing price of the main month 2105 contract was 66,550 yuan/ton, up 70 yuan, or 0.11%.
The latest London Metal Exchange (LME) copper inventory on March 24 reported 121,950 tons, a decrease of 475 tons or 0.39% from the previous trading day.
The supply interference of South American copper mines has eased. There are short-term differences between supply and demand. The cost pressure of copper companies is still relatively high. Copper rod processing companies have started weakly. Downstream demand has not shown obvious signs of improvement. Spot copper prices are expected to fall today .
