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LME copper rose slightly, the first weekly rise in five weeks

Release date:2018-12-29  source:文华财经  author:上海有色*  Browse times:2684
On December 28th, the London metal Exchange (LME) copper rose slightly on Friday, rising for the first week of the five weeks, as global stock market rallied rekindled investor interest in high-risk assets, and the dollar weakened to make copper prices against other currencies. It is cheaper for the holder.

At 17:00 on December 28, London time (01:00 on December 29, Beijing time), LME three-month copper closed up 0.2% at $5,997 per ton, up 0.2% this week.

But concerns about China's economic slowdown continue to cause copper prices to fall by 17% for the year. China is the world's largest consumer of metals.

Carsten Menke, an analyst at the Swiss Baosheng Group, said: "The dollar has weakened and the stock market has rebounded, which may boost metal prices."

But he added, "China's demand for copper is weakening, meaning that copper prices may remain near current levels next year."

A survey shows that China's manufacturing sector is expected to shrink in December, which will be the first time in more than two years.

China’s National Bureau of Statistics announced on Thursday that the profits of industrial enterprises above designated size in the first three years have turned into a year-on-year decline in the past three years, indicating that the risk facing the world’s second largest economy has risen.

According to the statistics of the National Bureau of Statistics, from January to November, the total profits of industrial enterprises above designated size reached 6,116.88 billion yuan, a year-on-year increase of 11.8% (according to the comparable caliber, considering the adjustment of the statistic system, the enforcement of statistical enforcement, the elimination of duplicate data, enterprises). The impact of factors such as the reform and divestiture), the growth rate slowed by 1.8 percentage points from January to October.

The exchange rate of the US dollar against a basket of major currencies has fallen from the recent 18-month high, alleviating the pressure on metal prices, and global stock markets have recovered some of their losses after being sold off.

The Ministry of Ecology and Environment, the Ministry of Commerce, the National Development and Reform Commission, and the General Administration of Customs jointly issued an announcement to further regulate the import management of solid waste and prevent environmental pollution. According to the Law of the People's Republic of China on Solid Waste Environmental Control, the Measures for the Administration of imports of Solid Waste and Relevant Laws Regulations, the above four ministries and commissions on the current "unrestricted imports can be used as raw materials

The following is an adjustment to the Catalogue of Body Wastes and the Catalogue of Solid Wastes Restricted imports that Can Be Used as Raw Materials: 8 types of solid wastes such as scrap steel, copper waste materials, and aluminum waste materials are available from Unrestricted imports. The Catalogue of Solid Wastes as Raw Materials is transferred to the Catalogue of Solid Wastes Restricted imports that Can Be Used as Raw Materials, and has been implemented since July 1, 2019.

LME three-month aluminum closed down 0.4% at $1,845 a tonne, down more than 3% this week, the biggest weekly decline since October last year, after Rusal moved it from the US sanctions list. In addition to the appointment of a new chairman to reach an agreement.

Three-month zinc closed down 2.2% at $2,440 a tonne.

Three-month nickel closed down 0.3% at $10,730 per tonne.

Three-month lead closed up 1.5% at $2,060 a tonne.

Three-month tin closed up 1% at $19,495 a tonne.

 
 
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