Supply tightness may ease the 02th copper or fall
Manufacturing activities in Europe and the United States continued to expand. Lun Copper closed up by US$31 overnight. Analysts expected more copper concentrates to flow in. The tight supply situation may be eased. Copper is expected to fall today.
[Copper futures market] The Eurozone manufacturing PMI in February hit a three-year high, and the US ISM manufacturing index in February hit the largest expansion rate in about three years. The LME copper was on the strong side overnight. The latest closing price was US$9031/ton, an increase of US$31. , An increase of 0.34%, the trading volume of 16,792 hands decreased by 14,420 hands, and the open interest of 333,544 hands decreased by 6199 hands. In the evening, Shanghai copper opened lower and moved lower. The latest closing price of the main month 2104 contract was 66690 yuan/ton, down 860 yuan, or 1.27%.
The latest London Metal Exchange (LME) copper inventory on March 1 reported 74,200 tons, a decrease of 2,025 metric tons or 2.66% from the previous trading day.
Analysts expect more copper concentrates to flow in. A large amount of copper concentrate cargoes from Chile and Peru will arrive at Chinese ports. It is expected that the number of shipments in March will increase by more than 60% month-on-month, and the supply of raw materials for smelters may be tight. It has eased, and the spot copper price is expected to fall today.
