1. Market conditions (LME and Shanghai stock market):
LME copper futures closed down $78, at $9,418/ton, down 0.88%;
LME aluminum futures closed up $23, at $2,623/ton, up 0.58%;
LME zinc futures closed at $2,623/ton, up 0.58%
LME lead closed down $46 at $2,210/ton;
LME nickel closed up $77 at $20,030/ton;
LME tin futures closed up $352 at $39,335. /ton
International copper closed up 0.13% in night trading, with the latest price at 61,300 yuan/ton;
Shanghai copper closed down 0.04%, with the latest price at 69,200 yuan/ton;
Shanghai aluminum closed up 0.90%, with the latest price at 18,965 yuan/ton. tons;
Shanghai zinc closed down 0.78%,
Shanghai lead closed down 1.91%,
Shanghai nickel closed down 0.11%,
Shanghai tin closed down 0.08%.
2. Recent spot trend chart:
The average spot copper price since November 2021: 71,268 yuan/ton, which is 237 yuan/ton lower than since November as of last week. Scrap copper is about 28-33 yuan/jin (cash price)
The average price of spot aluminum since November 2021: 19,061 yuan/ton, a decrease of 61 yuan/ton compared to November so far as of last week. Scrap aluminum is about 7.2-9.5 yuan/jin (cash price)
The average spot lead price since November 2021: 15,382 yuan/ton, an increase of 10 yuan/ton compared with the average price from October to last week, making it the metal with the least price fluctuations.
The average spot zinc price since November 2021: 23,792 yuan/ton, an increase of 11 yuan/ton compared with the average price from October to last week.
The average spot nickel price since November 2021: 147,675 yuan/ton, an increase of 459 yuan/ton from last week.
The average price of spot tin since November 2021: 293,550 yuan/ton, an increase of 570 yuan/ton from last week.
3. Copper inventory situation:
LME market Unit: tons Update: 78,350 tons on December 3, an increase of 125 tons.
COMEX Market Unit: Short Ton Update: 58,671 short tons on December 3, an increase of 0 tons.
Shanghai Inventory Weekly Report Unit: tons Update: December 3 36110 tons, a decrease of 5752 tons, a significant decrease of 13.74%.
Yangtze River spot copper prices have continued to fall for five days. The downstream demand for copper scrap has weakened, and the difference between refined and scrap copper has narrowed. The current difference between refined and scrap (deduction) is around 1,200 yuan/ton. The continuous decline has led to inactive trading, and downstream stocks are consumed. Lord, small quantity purchase. London Metal Exchange (LME): Aluminum inventories decreased by 6,775 tons, copper inventories increased by 125 tons, reported at 78,350 tons, nickel inventories decreased by 1,050 tons, lead inventories decreased by 575 tons, tin inventories increased by 75 tons, and zinc inventories decreased by 1,775 tons. LME inventory is currently less than 80,000 tons. Shanghai inventory reported 36,110 tons on December 3, a decrease of 5,752 tons, a significant decrease of 13.74%. It is reported that low inventories support copper prices, and unclear demand puts pressure on prices. The U.S. non-agricultural sector is better than expected. The main contract copper price is expected to fluctuate around 69,500 yuan/ton, and the trend has not changed. Copper prices may remain range-bound, and the price reference range is 69,000- 73,000 yuan/ton, and copper prices are expected to fall by about 300 yuan/ton at the opening of the market on Monday.
Picture and text source: Copper Price Quotation
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