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With the gradual realization of favorable policies, copper prices continue to attack momentum began to decline
.
From the perspective of supply and demand, overseas supply is tight, London copper shows a back structure, domestic export profits open, and the difference between domestic and foreign supply and demand structure begins to reverse
.
At present, domestic consumption has become the focus of the later market game, and it is not advisable to be overly optimistic
.
On the whole, although the supply side will have some support for copper prices, but the consumer side is the key to determining the direction of copper prices, and at present, there is no significant improvement in consumption, insufficient market confidence, copper prices show weak adjustment, and it is recommended to participate in short orders and increase the proportion of selling hedging
.
Raw material side: copper concentrate processing fee TC fell by $3 to $72-77/ton last week; On the supply side: domestic production rebounded, but imports were sharply inverted and exports increased
.
On the supply side, the operating capacity decreased slightly to 35.
48 million tons; Cost side: alumina and anode carbon trends weakened, cost slightly reduced, loss narrowed
.
In terms of stocks, LME stocks fell slightly to 1.
221 million tons, down 07,400 tons to 739,600 tons in the previous period, and social stocks fell 03,000 tons to 1.
726 million tons
.
With the favorable landing of the two sessions, the market focus began to shift to downstream consumption, at present, the industry performance is average, and market confidence is limited
.
And the industry losses continue but no more companies reduce production, and the downward trend of alumina is not over, and the cost decline continues to drag.
Although there are many stimulus policies on the consumption side, it will take some time to transmit to actual consumption
.
Overall, aluminum prices are currently showing capacity inventory suppression, and downstream cost bottom line support will maintain a low and weak range of
shocks.
Operationally, it is recommended to wait and see, waiting for the opportunity to sell
at a high price.
At present, short-term and short orders are mainly
thought.
