International copper prices continue to fall; demand outlook remains uncertain

Copper House Network International Comprehensive News: International copper prices continue to fall, unclear demand outlook The market is worried about escalation. International copper prices continued to decline on Wednesday, closing down more than 1%, the market volume remained weak. The Chinese Prime Minister emphasized the strengthening of real estate regulation and control and the easing of market policy expectations, causing the market to worry again about the demand outlook. Other metals and prices of economically sensitive commodities such as crude oil have also been pulled back. Closed throughout the day, the London LME market three-month copper fell by 100 US dollars to 8,460 US dollars per ton; the US COMEX market, the main May copper contract fell 5.45 cents or 1.4% to 3.8480 US dollars per pound.

The northern Chilean region experienced heavy rain on Tuesday, disrupting the transportation of copper mines such as Collahuasi and Cerro Colorado. However, the production order of the two mines has not yet been affected. The vice president of mining giant Newmont South America said on Wednesday that its Peruvian Conga copper and gold mine project was forced to delay development due to environmental reasons and local residents and local governments strongly objected to it. The company is reassessing the development costs and has already done so by reducing staff. Correspondence. The project announced in the year 2011 that the budget for the time was 4.8 billion U.S. dollars, but it has been suspended since November last year, which has greatly increased the company's development costs.

The Zambian government community registration director announced on Tuesday that because the government had not paid a total of $75,000 in registration fees over the past 20 years, the former ruling party MMD party was declared an illegal organization by law. Since the party is still occupying 53 seats in the parliament of 150 parliamentarians, it is probable that the party’s illegality will trigger political chaos in Zambia. A spokesman for the MMD Party immediately accused the government of this move as a political drive.

LME copper stocks continued to decline on the London Stock Exchange. On Wednesday, the copper bank decreased for the 15th consecutive trading day, and further dropped 2375 tons to 270,600 tons on that day, setting a new low for many years. In the past 20 trading days, there was a drop in 19 days.