Peru's copper production may set a record on the 10th, the current copper may plummet

The cooling of China's credit expansion dampened market sentiment. Copper fluctuated overnight and closed down 2%. Peru's copper production this year may set a record. Recently, domestic and foreign copper inventories have continued to increase. Today, copper materials have fallen sharply.

[Copper futures market] China’s economic growth target is moderate, and credit expansion is cooling down to hit market sentiment. Lun copper fluctuated down overnight. The latest closing price was US$8,826/ton, down US$181, or 2.00%. The trading volume of 16,343 lots decreased by 2,208, and open interest 326434 hands reduced by 118 hands. In the evening, Shanghai copper finished at a low level. The latest closing price of the main month 2104 contract was 65,480 yuan/ton, down 1,220 yuan, or 1.83%.

The latest London Metal Exchange (LME) copper inventory on March 9 reported 85,050 tons, an increase of 800 metric tons or 0.95% from the previous trading day.

Peru stated that copper output in 2021 may reach a record 2.5 million tons, much higher than last year's 2.15 million tons. The current mine output has gradually recovered, while the waves in Chile have eased, and supply interference has gradually slowed; recent domestic copper inventories have continued to increase , Lun's copper stocks have shown signs of rising since March, and today's spot copper prices are expected to plummet.

Winland Metal, China's copper pipe and copper pipe fitting supplier, email Info@winlandmetal.com