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On Monday, the main force of Shanghai copper opened at 43560 yuan / ton in the morning, after the opening copper price rose sharply, rushing to the highest point of the day 43950 yuan / ton, copper prices gave up gains before the afternoon, the afternoon opening continued to fall, giving up all the daily gains, and finally closed at 43500 yuan / ton, currently up 170 yuan / ton, up 0.
39%.
In the external market, London copper rushed back down overnight, up 0.
00%, and LME copper stocks 241675 tons, down 2025 tons
.
Spot market, this week is close to delivery, but the next month price difference has expanded to 200 ~ 220 yuan / ton, the premium has been difficult to top, the number of cash dumpers has increased, the willingness to trade speculation is reduced, the downstream fear of heights, the state of oversupply highlights the spot premium may slide quickly to the discount pattern
before this week's delivery.
At present, the worries about the continued deterioration of the epidemic have basically lifted, and the market is more concerned about the recovery of the economy, the resumption of work in Europe and the United States, and the short-term macro pressure on copper prices is limited
.
However, market sentiment remained cautious, and fears of a deterioration of the overseas economy in the second quarter continued to weigh
on copper prices.
Specific to the copper industry, the domestic resumption of work and production, smelting, foreign mine production reduction and logistics impact, domestic smelting maintenance, scrap copper supply restrictions, refined waste price difference narrow range makes the demand for refined copper increase
.
High-frequency data TC tracking shows that the mine is still tight
.
The downstream end increased significantly month-on-month, power infrastructure consumption continued to improve, and spot premium performed well
.
At the micro level, inventories in the previous period continued to decline in response to the recovery of domestic downstream demand
.
However, at the end of May, the import of mine end and scrap copper is expected
to loosen.
The short-term fundamentals of copper prices are supported, and the rally is slowing down in case of pressure, so operate cautiously and pay attention to cross-market positive sets
.
