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Hong Kong, April 30 news, Jiangxi Copper International Trading Co., Ltd. said that China's large copper smelting and trading company has reached a consensus that it will increase its efforts to register warehouses with the London Metal Exchange (LME) in the next two months. Export "sufficient" amount of electrolytic copper.
According to a statement received by Reuters on Sunday evening, Jiangxi Copper International Trading Co., Ltd., a subsidiary of Jiangxi Copper, said that the above-mentioned copper smelting companies, including the main members of the China Copper Raw Materials Joint Negotiation Group (CSPT) and Xiangguang Copper, are expected to pass this adjustment. Domestic and foreign markets supply and demand.
The above-mentioned companies have studied the current supply and demand situation of cathode copper and the market price relationship. They believe that the current domestic consumption is sluggish, China's bonded warehouse inventory is at a record high, and LME stocks are being speculated by individual companies. The domestic and international copper markets are seriously distorted, hurting the Chinese copper industry. healthy growth.
Significant supply shortages in the LME market prompted the London Metal Exchange's (LME) three-month copper contract to strengthen, rising to a three-week high on Friday night, with a high of $8,433 per tonne, but not at the close.