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SunSirs: Chile is Threatened by Strike, China's Spot Copper Price Surges by 3.01%

April 28 2021 08:42:31     SunSirs (Linda)

On the 27th, copper prices rose sharply. Spot copper was quoted at RMB 7,2011.67/ton, an increase of 2.96% from RMB 69,940/ton on the previous trading day, an increase of 24.25% from the beginning of the year, and an increase of 67.59% year-on-year. The spot copper price broke the 70,000 mark, setting a new high in the past ten years. Shanghai copper rose 3.01% in a single day and closed at 72480 yuan/ton. International copper prices also rose 3.18%, closing at 64,600 yuan/ton at 3 o'clock in the afternoon.

The weakening of the U.S. dollar, the improvement of the global economic outlook, the recovery of demand, the strong demand for stocking before the "May 1st" holiday, and the slowing down and falling of stocks on domestic and foreign exchanges have jointly promoted the return of strong copper prices. In addition, Chile, which accounts for a quarter of the world's copper supply, was threatened by a strike. Port workers called for a general strike, which intensified concerns about copper supply and caused copper prices to soar. China's spot copper processing (TCS) rose by US$2 as of April 25, the first rise since August, but the overall price is still low. Copper prices are expected to remain strong in the short term.

Related listed companies: Jiangxi Copper (600362), Tongling Nonferrous (000630), Yunnan Copper (000878).

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