SunSirs: Copper Prices Fell Slightly on September 22
http://www.chemnet.com Sep 23,2022 SunSirs
As shown in the figure above, on the 22nd, copper prices fell slightly, and the spot price was 63,106 RMB/ton, down 0.15% from the previous trading day and down 8.8% year-on-year.
The dollar surged to a 20-year high, while London copper closed down 0.84% overnight. The macro bearish sentiment strengthened.
On the supply side, the disturbance of overseas mines temporarily came to an end, and the supply gradually eased. As some smelters entered the maintenance state in September, TC continued to increase slightly by 0.54 US dollars/ton to 82.50 US dollars/ton, and the supply at the mine end was looser than that at the smelter end.
On the demand side, this year, affected by multiple factors such as real estate, the epidemic, and exports, industries such as home appliances and power tools have always been in a downturn.
Loose supply and sluggish demand put pressure on copper prices, but in the second half of September, there is a certain expectation that downstream stocks will be stocked during the National Day holiday, which will support copper prices. It is expected that copper will fluctuate to be strong in the short term.