Copper ups and downs in aluminum (Market Express) This week, the US dollar weakened and global copper inventories fell to historical lows. LME copper prices oscillated upward. After rushing high to 2761.5 on Thursday, the Collahuasi copper mining union in Chile cancelled its original scheduled to be held on Thursday. The news of the strike put pressure on copper prices. On Thursday, the Shanghai stock market closed at 2665, the LME copper closed at 2,720 on Thursday and increased by 55 dollars per week. In the international aluminum market, workers of Alcoa’s Québec aluminum smelter began a strike on Wednesday, pushing LME aluminum prices to firm, closing at US$1,752 on Thursday, setting a new high since the collapse of international aluminum prices in late April. The increase was 32 US dollars. Newer data from the United States show that the number of employed people in June increased by 112,000, which was lower than the expected 250,000. Durable goods orders also showed a downward trend again. The increase in overall interest rates in the United States and the unsustainable fiscal deficit have a deterrent effect on the economy. The US economy shows signs of slowing down. The uncertainty of the economic outlook has suppressed the rise in base metal prices in the near future. Shanghai copper edged higher this week. The main contract CU410 fluctuated widely after opening at 25770 last Friday. The low point continued to increase. On Thursday, the main contract CU410 closed at 25,910 and rose by 190 yuan per week. The strength of LME aluminum and the increase in copper prices did not bring a turn for the Shanghai aluminum market. Shanghai aluminum prices continued to slump this week. The main contract AL410 closed at 15,720 this Thursday and fell by 120 yuan per week. Hujiao was oscillating lower, and the far-month contract trend was stronger. The price lower than the spot price still has a certain appeal to the consumer. On Thursday, RU407 closed at 16,000. It fell 305 yuan per week. The RU408 contract closed at 13,945. It fell 335 yuan per week.
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