花旗表示，未来两个月的制造业采购经理人指数预计仍然保持疲软，从而排除了金属价格在周期性需求复苏的支持下立即出现反弹的可能。高盛分析师在此前报告中指出，铜库存的大幅下降将来得比该行之前预期晚得多。高盛将明年铜价预估下调至每吨10,100美元，对铜价触及12,000美元时间的预估从之前的2024年底推迟至2025年之后。该行将明年铜价预测下调了近5,000美元/吨。Copper stocks continued to decline. As of press release, Jiangxi Copper (00358) fell 3.88% to HK$11.88; China Gold International (02099) fell 3.51% to HK$28.85; China Nonferrous Mining (01258) fell 3.35% to HK$4.62; and Minmetals Resources (01208) fell 2.88% to HK$2.02.
The Zhitong Finance App learned that copper stocks continued to decline. As of press release, Jiangxi Copper (00358) fell 3.88% to HK$11.88; China Gold International (02099) fell 3.51% to HK$28.85; China Nonferrous Mining (01258) fell 3.35% to HK$4.62; and Minmetals Resources (01208) fell 2.88% to HK$2.02.
According to the news, the business news agency said that in early trading on Friday, after data from the US Bureau of Labor Statistics showed that the number of non-farm payrolls in August fell short of expectations, Luntong crossed the resistance of 9,127 US dollars and 9,113 US dollars (the 200-day and 21-day moving averages, respectively) and hit an intraday high of 9,175.5 US dollars. However, copper futures failed to stabilize at a high level because the US unemployment rate fell to 4.2% in August, down from 4.3% in July, indicating that the US labor market is slowing down in an orderly manner, which means that the Federal Reserve may not need to cut interest rates sharply this month. This has led to a rise in the US dollar, making dollar-denominated metals less attractive to buyers using other currencies.
Citi said the manufacturing purchasing managers' index is expected to remain weak in the next two months, thus ruling out the possibility of an immediate rebound in metal prices supported by a cyclical recovery in demand. Goldman Sachs analysts pointed out in an earlier report that the sharp decline in copper inventories will come much later than the bank's previous expectations. Goldman Sachs lowered its copper price estimate to 10,100 US dollars per ton next year, and postponed the forecast for when the copper price will hit 12,000 US dollars from the previous end of 2024 to after 2025. The bank cut its copper price forecast for next year by nearly 5,000 US dollars/ton.
