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Yesterday, copper prices fluctuated
in a narrow range inside and outside.
After the Asian market closed, London copper continued to lukewarmly decline, dragging Shanghai copper to test 36,500
again at the evening open.
Although crude oil has rebounded quickly in the past two sessions due to an unexpected decline in U.
S.
inventories, the rebound in copper prices has been quite weak
.
On the macro front, the release of the report of the Fed's March meeting on Wednesday showed that the Fed is concerned about the risk of a larger-than-expected economic downturn, with a clearly dovish stance, weakening expectations of interest rate hikes before June, and European and American stock markets were encouraged to rise
sharply.
Oil prices also rose sharply as U.
S.
crude inventories unexpectedly declined
.
For now, base metals remain weak, ignoring signals of an improvement in macroeconomic data in March, with markets focused on China's
weak economy and oversupply.
In terms of the market, Shanghai copper flat consolidation, the basis of the next month from yesterday's negative basis to positive basis again, so that the willingness of holders to hold up the price increased, coupled with some large traders into the market to receive goods, the source of spot copper has decreased, discount quotation has narrowed all the way, especially the noon quotation of Guixi brand has approached the level of flat water, downstream still has a wait-and-see mentality, market transactions are dominated by middlemen, activity has improved compared with the previous day, holders are more optimistic about the later copper to small premium quotation, the willingness to push up is obvious
.
In terms of news, Chile's Codelco said that a $4 billion cut in infrastructure spending will affect 4 million tons of production in the next 25 years; Chile's second-largest copper mine, Collahuasi, expects copper production to rise slightly this year, following a 3.
2% decline in 2015.
Other Latin American countries, such as Peru and Mexico, are committed to the production, expansion or restart
of the project.
Overall, the minutes of the Fed's March meeting weakened expectations of an April rate hike, and the dollar index returned to the downside, boosting the rebound
in metal prices.
In terms of market sentiment, the copper market is too weak, but the general environment in the second quarter does not support the sharp U-turn of copper prices, and the short-term trend of copper prices is strong, but it is necessary to be cautious about the rebound
.
