Last night, the main copper contract in Shanghai reached a high of 74,230 RMB/ton, closing at 74,160 RMB/ton, an increase of 100 RMB/ton or 0.14% from the previous trading session.
On a macro level, the Federal Reserve will lower interest rates by 25 basis points as scheduled at the end of the year, which is in line with market expectations, resulting in limited fluctuations in copper prices. However, decision-makers did not unanimously support the interest rate cut this time, and Federal Reserve Chairman Powell's remarks suggest that the United States may enter a very slow cycle of interest rate cuts, putting pressure on copper prices.
From a fundamental perspective, the annual long order processing fee for copper concentrate has significantly decreased compared to last year, while the spot TC of copper concentrate has returned to single digit levels. In addition, domestic refined copper social inventory continues to decline, and the shortage of raw materials and destocking are expected to benefit copper prices in the short to medium term.
If you have any enquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.
