-
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
Medium-term logic: the rigid increase in global copper concentrate supply in 2017 is relatively small, and the elastic increase mainly depends on the price, and although the refining capacity is more launched, but limited by the supply of copper concentrate, the actual supply increment is not enough to make the copper price fall again, so the medium-term copper price bottom is expected to be obvious
.
Short-term logic: Copper concentrate processing fees did not fall further last week, remaining flat from the previous week, with extreme processing fees still below $70/mt
.
Short-term copper concentrate supply remains tight, although the threat of a supply strike dissipates in the short term; The short-term logic is not very significant, and copper prices are in a volatile momentum
.
Market: On the 5th, the discount of the spot market further narrowed, from the historical comparison, it is a relative preference in recent months, but in its own comparison, the speed of improvement is slower, so it is temporarily not enough to trigger the
market.
In addition, in the area with the largest copper demand, in the week before the Qingming Festival, the operating rate fell slightly month-on-month, terminal procurement weakened, and the recently tracked spot market also showed that downstream companies did not have decent procurement
.
The current spot demand is mainly for the upcoming delivery of the 1704 contract, so if the spot discount increase is excluded from the delivery factor, the share of supply and demand improvement will be much
lower.
In terms of news, Peru's energy and minerals minister said at the CRU Global Copper Conference in Chile that Peru will gradually increase copper production to reach 3.
1 million tons by 2021, and the current annual output is estimated to be 2.
35 million tons
this year and next.
This is more consistent with previous estimates, that is, Peru's production increase in 2017 is mainly due to the production of previous projects, and there is no increase
in 2018 for the time being.
However, Anglo American plans to invest US$5 billion in the Quellaveco copper mine in southern Peru, which will take about four to five years, and the mining license is already in place, and the feasibility study is expected to be ready
by the end of the year.
This also means that some companies have begun to prepare for the prospects of the copper market, and Peruvian copper mines are still expanding
.
In addition, the Southern Copper Company union recently announced that workers at the Toquepala, Cuajone copper mine and Ilo smelter in Peru will participate in the strike, and the union notified the Ministry of Labor on March 31 of the strike plan, which will start
at midnight local time on April 10.
The combined production of the two copper mines is about 300,000 tons, but the market sentiment caused by the expected strike in Peru is not high
due to the fact that the strike activity at the Cerro Verde copper mine in Peru has not been supported by the government, mainly because the government still wants to attract investment.
On the whole, the copper spot market has improved recently, but because the strength and outlook are not very ideal for the time being, so it cannot trigger the market, and the short-term copper price is still expected to be volatile
.
It has previously been recommended to withdraw from the company, mainly on the sidelines
.
