On August 9, the price of copper fell slightly. Spot copper was quoted at RMB 69,641.67/ton, down 0.21% from RMB 69,785/ton on the previous trading day, up 20.17% from the beginning of the year, and up 35.26% year-on-year.
The non-agricultural data on Friday was stronger than expected. The market raised the Fed’s Taper expectations, which made the U.S. dollar index strengthened sharply and put pressure on copper prices, and the copper fluctuated downward every other week. Although the recent copper mine disturbances continue, the weekly stocks on the Shanghai Futures Exchange have stopped depleting, and domestic stocks have turned to increase, and the Fed’s taper is expected to increase, and copper prices are unlikely to have a bright performance. The strike in South America is still pending, and the scope of power rationing in the southwest has expanded. However, the country still emphasizes ensuring supply and price stability. It is expected that the short-term rise and fall of copper prices will be limited.
Related listed companies: Jiangxi Copper (600362), Tongling Nonferrous Metals (000630), Yunnan Copper (000878).