在供应端，中国冶炼厂的减产计划也对铜价产生了影响。两家主要冶炼厂计划在矿山产量减少和加工利润率下降的情况下，明年减少铜产量。这一变化凸显了全球最大金属生产商面临的供应风险，可能会对全球铜市场的供需平衡产生影响。London copper futures prices recently rose slightly, mainly due to the weak US dollar and the expectation of reduced production in Chinese smelters.
According to the Wise News app, London copper futures prices have recently risen slightly, mainly due to the weak US dollar and the expectation of reduced production in Chinese smelters. On the London Metal Exchange (LME), copper futures prices rose 0.8%, recovering from a decline of more than 2% in the previous two trading days.
The US dollar has fallen by about 2% since the end of June. This trend has not only enhanced the purchasing power of consumers who use other currencies to buy copper and other commodities, but also boosted the prices of copper and other metals. At the same time, market traders have increased their bets that the Federal Reserve will soon start lowering interest rates, further pushing up copper prices.
On the supply side, the production cut plans of Chinese smelters have also had an impact on copper prices. The two main smelters plan to reduce copper production next year in the face of reduced mining output and declining processing margins. This change highlights the supply risks faced by the world's largest metal producer and may affect the supply-demand balance of the global copper market.
Although copper prices have fallen from their record highs in May, they have been trading in a narrow range in recent weeks. Concerns about increasing consumption brought about by the energy transition and worries about Chinese demand have limited the volatility of copper prices.
As of press time, copper prices on the London Metal Exchange rose by 0.3% to $9,689.50 per ton. Most metal prices have also shown an upward trend, with lead prices rising 1.6%. Previously, there had been a surge in warehouse delivery requests tracked by the London Metal Exchange, indicating an increase in demand for lead.
The weak US dollar, market expectations of Fed rate cuts, Chinese smelter production cuts, and consideration of Chinese demand all contribute to the complex situation in the current metal market. Investors and market participants need to closely monitor these factors in order to better understand and predict the future trends of metal prices.
