Copper concentrate processing and refining fees are lowered on the 25th, and copper may rise or fall little on the 25th
The US epidemic relief plan has not been passed. Lun Copper closed down $16 overnight. Copper concentrate processing and refining fees were lowered from the previous month. The mines are tightening but the smelting capacity is still expanding. Today, copper materials rose or fell little.
[Copper futures market] The US epidemic relief plan has not been passed. Policy uncertainty has hit investor confidence. Copper fluctuated at a low overnight. The latest closing price was $7,831 per ton, down $16, or 0.21%, and the trading volume decreased by 6,792 lots. 5013 hands, 308571 hands increased by 88 hands. In the evening, Shanghai copper bottomed out and rebounded. The latest closing price of the main month 2101 contract was 58210 yuan/ton, up 30 yuan, or 0.05%.
London Metal Exchange (LME) December 24, the latest copper inventory in London reported 116,100 tons, a decrease of 3,275 metric tons or 2.74% from the previous trading day.
JPMorgan Chase is bearish on the trend of the base metal market in 2021, saying that the tightening credit environment in China, a major metal consumer country, will weaken the prospects of industrial metals. According to the news, China’s copper smelters agreed to cut copper concentrate processing and refining fees by 8.6% in the first quarter of next year. The benchmark annual contract price has fallen for six consecutive years. Due to tighter mine supply, China’s smelting capacity is still expanding. Spot copper prices are expected to rise or fall little.
