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Yesterday, Shanghai copper continued to rebound, the main contract broke above 39,000, London copper fell sharply during the session, and closed slightly red
.
Short-term macro factors still dominate copper prices, and the progress of the overseas epidemic, the credit crisis and the expectation of a global recession are the key factors
affecting market sentiment.
Copper prices have fallen into the effective cost range, and London copper has hit the bottom of 2015, which can also be seen as support
.
Today's Shanghai copper shock weakened, the end of the green turned, the main month 2005 contract opened at 39300 yuan / ton, the highest intraday 39320 yuan / ton, the lowest 38800 yuan / ton, settlement 39080 yuan / ton, closed 38870 yuan / ton, down 40 yuan, down 0.
10%.
Last week, the overseas epidemic continued to worsen, more countries announced the closure of borders, restrictions on the movement of people, which in turn led to a deterioration in market expectations, financial market liquidity shock, U.
S.
stocks once touched the circuit breaker during the session, people sold everything crazy chasing cash, gold and bonds were also sold off, the dollar index rose above 100, copper prices fell sharply, Shanghai copper fell for two consecutive days on Wednesday and Thursday
.
At present, the development of the epidemic is the decisive factor, Europe and the United States and other countries have entered a period of rapid growth, the lack of confidence of the people, the central bank's rescue is unable to prevent the financial market from continuing to collapse, panic will continue, and in the long run, economic recession and falling demand are a foregone conclusion
.
However, with the concentrated release of panic, with some heavy rescue market benefits, the short-term market will also stabilize and adjust, and it is difficult
to trade at this stage.
Industry News:
1.
According to foreign media reports, two people familiar with the matter said that mining giant First Quantum Mining is considering selling a minority stake in the flagship Cobre Panama copper mine to reduce debt
.
First Quantum's possible move comes as miners around the world scramble to boost their finances strained by the coronavirus pandemic, which has hit stocks and copper prices
hard.
First Quantum's share price has fallen by more than
50% this year.
2.
State Grid news, in 2020, the company initially arranged power grid investment of 450 billion yuan
.
This figure is up 12.
5%
from the 400 billion yuan arranged at the beginning of the year.
At the same time, State Grid's UHV construction plan continued to increase, and the investment scale was raised several times within a month, rising from 112.
8 billion yuan to 181.
1 billion yuan, an increase of 60.
55%.
In 2019, the actual investment was 447.
3 billion yuan, a year-on-year decrease of 11%.
As far as the supply and demand of copper itself is concerned, domestic and foreign countries are in the stage of oversupply accumulation, although the domestic downstream resumption rate is better, but the final consumption and overseas demand dragged down, and the demand continued decline is basically certain
.
In this context, copper prices are expected to continue to come under pressure
.
Considering that after the release of short-term risk concentration, with the favorable stimulus, the market may show a stable adjustment
.
Operationally, it is recommended to take profit in the short order stage, or wait for the rebound to maintain value
.
