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Today's Shanghai copper gap opened low and quickly fell to the limit, the main month 2004 contract opened at 38770 yuan / ton, the highest intraday 38770 yuan / ton, the lowest 37570 yuan / ton, settled 37980 yuan / ton, closed 37570 yuan / ton, down 3720 yuan, down 9.
01%.
In the spot market, panic and worry pervade the entire industrial chain, and the wait-and-see mood is strong, and the market performance is priceless
.
Although the progress of copper mine projects in Peru and Chile has slowed, base metals have been sold across the board amid pessimism about the epidemic, and the trend of inventory accumulation is likely to continue, and copper prices remain under pressure
.
Industry News:
1.
The Peruvian government has declared a state of emergency to contain the development of
COVID-19.
The government restricts travel within Peru and requires citizens to stay at home
except for grocery stores, banks and medical facilities.
According to this statement, mining operations at the Yauricocha mine in Peru have been suspended
.
The state of emergency came into effect today and will last for 15 days
.
If the government announces further flexibility in operating the mine in the coming days, Sierra Metals intends to resume normal production
at the mine when the government lifts the state of emergency or sooner.
Peru has 2.
5 million tons of copper (12% of the world) and 1.
5 million tons of zinc (11% of the world), and the national shutdown for 2 weeks will affect the production
of 100,000 tons of copper and 50,000 tons of zinc.
Anglo American, a global miner, said on Tuesday it had slowed construction of the Quellaveco copper project in Peru after Peruvian President Vizcarra declared a national emergency requiring people to stay at home and self-isolate for 15 days
.
3.
London Metal Exchange (LME) copper inventories increased by 23%, mainly due to Asian copper inflows
.
Copper prices continued to fall yesterday, and copper briefly approached the $5,100 mark at night
.
Short-term overseas risks are still the most important influencing factors for prices, but Shanghai copper fundamentals are not bad, inventories have fallen slightly or indicate that the peak has arrived, the expectation of a rebound in domestic demand in the second quarter is still there, and the risk of epidemic in overseas mineral areas is potentially positive for prices, and copper prices should not be overly pessimistic
.
