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Overnight, London copper bottomed out, once fell below the 20-day moving average and then rebounded to close slightly higher, opening higher today at the 5-day moving average of $
5238.
Shanghai copper opened low overnight, once stepped back on the 20-day moving average support after rebounding to close the small sun, today may stand on the 5-day moving average with the high opening of the outside market, the market wait-and-see sentiment rose
.
Domestic spot support, Shanghai copper trend stronger than London copper, short-term may continue to operate
around the 43000 and 5-day moving average.
Considering that May is the centralized delivery time of the State Grid, the internal market may continue to fluctuate at a high level or rebound
moderately.
Due to the uncertainty of the epidemic, the market may be weaker
from the end of May.
Shanghai copper upper pressure 45000, lower support 42000
.
Fundamental changes: 1) LME inventories rose by more than 50,000 tons yesterday, and the total returned to above 280,000 tons; 2) The refined waste price spread continues to repair, Malaysia's restrictions are relaxed, scrap copper imports are expected to gradually recover, and refined waste substitution is difficult to maintain for a long time; 3) The weekly TC dropped to $53, but refined copper production in the past two months has not been significantly affected, and the conductivity of ore disturbance still needs to be observed
.
Industry News:
Ivanhoe reports that crews at the Kakula mine in the Democratic Republic of Congo have begun mining and storing copper ore with an average grade above 8 percent, with underground development about 4.
4 kilometers
ahead of schedule.
By the end of May, Kakula's high-grade pre-production ore stocks will reach 105,000 tonnes at a grade of 5.
95%
copper.
Initial production of Kakula is expected to be completed
in the third quarter of 2021.
According to the National Association of Mines, Petroleum and Energy of Peru, 11 of the first batch of applicants belonging to the large mining industry have been approved and will restart operations in the next few hours, and the first phase of Peruvian mining will restore 80% capacity
.
A total of 39 manufacturing companies have submitted their health emergency plans and protocols to the Peruvian Ministry of Health and the Ministry of Energy and Minerals to restart operations
.
The president of SNMPE stressed that the Peruvian mining industry needs to fully resume operations as soon as possible to mitigate the economic losses
suffered by the country during the pandemic.
Yesterday, London copper was delivered sharply, driving copper prices down overnight, but Shanghai copper continued to repair upward after opening low, and the price was close to the 10,000-one area
at the close.
The fundamentals of copper have not changed significantly, electrolytic copper spot repaired to near Pingshui, the early large-scale destocking, refined waste substitution and other parts of the favorable have weakened, the conduction effectiveness of ore supply disturbance is doubtful, the fundamentals lack new driving force, copper prices into the end of the upward trend
.
However, the two sessions are approaching, the market has expectations for fiscal and monetary policies, copper prices are difficult to have a deep pullback, it is recommended to unilaterally operate temporarily wait-and-see, waiting for a clearer signal
from the two sessions.
