-
Categories
-
Pharmaceutical Intermediates
-
Active Pharmaceutical Ingredients
-
Food Additives
- Industrial Coatings
- Agrochemicals
- Dyes and Pigments
- Surfactant
- Flavors and Fragrances
- Chemical Reagents
- Catalyst and Auxiliary
- Natural Products
- Inorganic Chemistry
-
Organic Chemistry
-
Biochemical Engineering
- Analytical Chemistry
-
Cosmetic Ingredient
- Water Treatment Chemical
-
Pharmaceutical Intermediates
Promotion
ECHEMI Mall
Wholesale
Weekly Price
Exhibition
News
-
Trade Service
This week (April 5-April 8) domestic copper prices fluctuated weakly, taking the Yangtze River spot market as an example, according to cable network monitoring data, the average copper price at the beginning of the week was 36650 yuan / ton, and the average copper price fell to 35950 yuan / ton on Friday, down 700 yuan / ton, a decline of about
1.
91%.
Macro: Earlier this week, global PMI data rebounded, China's stock market rose successively and crude oil prices rebounded to support copper prices, and then the Federal Reserve's release of the March dovish meeting minutes caused the dollar to fall again to support copper prices, but copper prices have always been in a narrow range to respond and failed to break the 5-day moving average
.
With the coming of the weekend, the domestic stock market plunged, the worry on the demand side of the copper market reappeared, and the concern about Chinese consumption became the biggest pressure on the market, coupled with the support below the dollar index, the ensuing bearish pressure on copper prices fell sharply
.
Market: this week's market supply is slightly tight, smelters have always maintained a very small amount of shipments, as the discount narrows and turns into premium, traders are actively shipping, downstream manufacturers are cautious before Friday, a small amount of on-demand purchase, and on Friday due to the decline in copper prices, downstream manufacturers actively purchase, and bargain purchase for inventory
.
After a full period of adjustment, the Shanghai price gradually rebounded, and the import profit window may open, when the growth of imported copper will increase the pressure on the domestic supply side, so copper prices may still have
downside.
Stocks: LME copper stocks reported 145675 tonnes as of April 8, up 2,275 tonnes or 1.
58% from last week, still close to the level of August 20, 2014 (145,200 tonnes); At the same time, data released by the Shanghai Futures Exchange showed that the Shanghai copper inventory in the previous period was reported 360925 tons, a weekly decrease of 7800 or 2.
1%, which is a three-week reduction, a cumulative decrease of 33852 tons or 8.
57%.
In general, the reduction in copper stocks indicates strong demand, but these are not necessarily real demand, and copper stocks on the Shanghai Futures Exchange (SHFE) have increased or decreased by nearly 200,000 tons since the beginning of the year and are now in a state close to historical levels
.
Future market analysis: The current macro environment atmosphere is relatively good, but the supply and demand problems of the copper market itself are still severe
.
However, because the contradiction between supply and demand has been going on for a long time, the copper market has no obvious negative factors for the time being, so the trend of copper prices this week is irrational decline, copper prices are out of the macro run
.
On the whole, the direction of the recent trend is difficult to determine, combined with the current market, it is expected that next week's copper price is mainly adjusted weakly, and if downstream demand declines rapidly after May, copper prices may continue to decline
.
