Concentrate processing fees are still falling, Copper prices may soare on March 03 2021
The decline in the US dollar boosted the bulk commodity market. Copper rebounded from a low overnight and closed up by more than 2.7%. Copper concentrate processing fees are still declining, and supply may tighten for a long time. Today, copper materials have risen sharply.
[Copper Futures Market] The United States will vote on a US$1.9 trillion bailout bill this week. The decline in the US dollar index boosted the commodity market. Copper rebounded from a low overnight. The latest closing price was US$9,276/ton, an increase of US$245, or 2.72%. The amount of 25229 hands increased by 8,437 hands, and the amount of positions held by 331439 hands decreased by 2105 hands. In the evening, Shanghai copper gapped and opened high. The latest closing price of the main month 2104 contract was 67940 yuan/ton, an increase of 1,250 yuan, an increase of 1.87%.
The latest London Metal Exchange (LME) copper inventory on March 2 reported 73,700 tons, a decrease of 500 metric tons or 0.67% from the previous trading day.
Copper concentrate processing fees are still declining, and the domestic supply and demand continue to be tight. However, the supply and demand in Chile and Peru are recovering. Southern Copper said that the time required to build a new mine is twice as long as that in the past, which means No new supply will be seen in the next 8-10 years, and supply may become tight for a long time. The logic of the current demand recovery at home and abroad remains unchanged, and the spot copper price is expected to rise sharply today .
