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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 appeared, the expectation of a rebound in domestic demand in the second quarter is still there, the risk of epidemic in overseas mineral areas has a potential benefit to the price, copper prices should not be overly pessimistic, it is recommended to continue to hold long orders of call options, and unilateral operations of futures are temporarily wait-and-see
.
In terms of the market, the domestic spot market is afraid of decline, the transaction is weak, the inflection point of superimposed inventory has not yet arrived, and the fundamentals are light
.
Electrolytic copper fell by 770 yuan during the day, and the good copper discount was 100
.
The market is refreshed low, the market fear of decline is aggravated, the downstream cautious stocking, the merchant is shipping, it is difficult to have room for price reduction, and the transaction is light
.
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
.
Although the short-term due to the global rescue market has been slightly boosted, but the deep impact of the epidemic on the real economy has not yet been reflected, copper prices will continue to remain weak, and it is recommended that the short-term rebound brought by the government rescue is high and short, or enterprises take the opportunity to actively sell to lock in the risk
.
