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International copper prices opened high and closed low.
2012-03-23
On Wednesday, the international copper price opened low and closed slightly higher, and the market volume was still relatively low. Concerns about China's economic slowdown still dampen investors' buying interest. Although the latest Chinese copper import data remains strong, the continued rise in domestic inventories means that apparent consumption is not very large, and doubts about Chinese demand make it difficult for copper prices to break through the current volatility range.
At the close of the day, three-month copper on the London LME market rose $25 to $8455 a tonne, while the May copper contract, the main force in the US COMEX market, rose 1.50 cents to $3.8455 a pound.
Some market participants said that in addition to the copper inventory on the Shanghai Stock Exchange, which is at a 10-year high, it is expected that by the end of March, China's domestic bonded inventory will rise to the range of 60-650000 tons, close to the all-time high reached last year, while the bonded inventory in January was only 28.5-300000 tons.
ICSG, an international copper research group, released a report on Wednesday that the global copper supply gap in 2011 was 358000 tons, the same as the gap in 2010. During the period, global refined copper consumption increased by 3% to 20 million tons over the previous year, and production also increased by 3% to 19.63 million tons. In December 2011, the supply gap of refined copper was 41000 tons. Although China's apparent demand reached a record level in that month, weak demand from other major consumer countries made the gap smaller in that month.
LME copper stocks on the London Exchange continued their downward trend. On Wednesday, the copper warehouse of the Institute fell for the 20th consecutive trading day, falling further by 2500 tons to 258300 tons, the lowest since June 2009. In the past 25 trading days, LME copper stocks have declined on the 24th.
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