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1.
Summary of copper prices in major domestic cities
| market | name of article | Material | Price range | Change | remark | |
| Guangdong spot | 1# Copper | 1 # | 35780-35980 | Yuan/ton | -810 | Tax included |
| Shanghai spot | 1# Copper | 1 # | 35820-35940 | Yuan/ton | -850 | Tax included |
| Shanghai spot | Flat water copper | 35820-35900 | Yuan/ton | -850 | Tax included | |
| Shanghai spot | Liters of copper | 35840-35940 | Yuan/ton | -850 | Tax included | |
| Shanghai | 1# Copper | 1 # | 35850-35950 | Yuan/ton | -800 | Tax included |
| Foshan spot | 1# Electrolytic copper plate | 1 # | 33300-33500 | Yuan/ton | -700 | Tax not included |
| Jinan spot | 1# Copper | 1 # | 36000-36000 | Yuan/ton | -800 | Tax included |
| Shenyang spot | 1# Copper | 1 # | 36100-36100 | Yuan/ton | -800 | Tax included |
| Beijing spot | 1# Copper | 1 # | 36050-36050 | Yuan/ton | -800 | Tax included |
| Tianjin spot | 1# Copper | 1 # | 36050-36050 | Yuan/ton | -800 | Tax included |
| Wuxi spot | 1# Copper | 1 # | 36050-36050 | Yuan/ton | -800 | Tax included |
| Xi'an spot | 1# Copper | 1 # | 36100-36100 | Yuan/ton | -800 | Tax included |
| Chongqing spot | 1# Copper | 1 # | 36100-36100 | Yuan/ton | -800 | Tax included |
| Guangzhou spot | 1# Copper | 1 # | 36000-36000 | Yuan/ton | -800 | Tax included |
| Wuhan spot | 1# Copper | 1 # | 36050-36050 | Yuan/ton | -800 | Tax included |
| Kunming spot | 1# Copper | 1 # | 36150-36150 | Yuan/ton | -800 | Tax included |
2.
Market review
Shanghai copper maintained a narrow range this morning, after the price rebound was weak, fell sharply in the afternoon, below focus on 35600 support, if it can break through, the downside is expected to open, copper prices have the possibility
of bottoming out again.
The opening price of the current month's 1604 contract was 36370 yuan / ton, and as of 15:00 p.
m.
, the latest price was 35760 yuan / ton, down 950 yuan; The lowest price within the day was 35680 yuan / ton, and the highest price was 36370 yuan / ton
.
The main opening price of Shanghai copper was 36400 yuan / ton, as of 15:00 pm, the latest price was 35770 yuan / ton, down 960 yuan; The lowest price within the day was 35610 yuan / ton, and the highest price was 36400 yuan / ton
.
Externally, copper futures rose slightly today but could still record their biggest weekly decline in three months as Chinese inventories approached record highs, leaving investors concerned that prices had outpaced still-weak fundamentals and took profits
.
Three-month copper on the London Metal Exchange edged up 0.
3 percent to $4,666 a tonne, down 2.
9 percent
in the previous session.
LME copper is likely to fall 3.
6 percent this week, its biggest weekly decline since Jan.
8 and has erased year-to-date gains
.
3.
Overview of the domestic copper market
On the macro front, the dollar index bottomed out overnight, while crude oil returned to weakness, causing base metals to be clouded again
.
China's foreign exchange reserves unexpectedly recovered after a four-day losing streak in March, but copper prices are likely to weaken further as hopes for copper producers to cut production sharply to offset slow demand growth in China, the biggest consumer, and help balance the market dash this week
.
Instead, copper mining representatives and speakers have reached a conclusion at the annual meeting in Chile that efforts to cut costs in order to survive in a low-price environment will be a major topic
for some time.
Today's Shanghai electrolytic copper spot reported a premium of 10 yuan / ton - 60 yuan / ton, flat water copper transaction price of 35820 yuan / ton - 35900 yuan / ton, premium copper transaction price of 358400 yuan / ton - 35940 yuan / ton
.
Today's copper premium has been further expanded, and the good copper premium has been raised to 30-50 yuan / ton, attracting downstream and middlemen to buy a large number of dips, and the first quarter of the morning trading is particularly active
.
After traders made a profit from hedging, the willingness to ship increased sharply, and the market was well
supplied.
In the second trading session, it was difficult for the premium to rise again, and the transaction was suppressed
.
4.
Copper closing situation
Today's Shanghai copper opened after maintaining a low narrow consolidation, the afternoon decline expanded, copper 1606 ended at 35760 yuan / ton, down 970 yuan / ton, down 2.
64%.
Today's Shanghai copper plunged, the main force increased positions downward, the market situation is extremely bearish, due to concerns about Chinese demand and high storage outflow, or back to 36,000 US dollars / ton
in the evening.
5.
Aftermarket analysis
At present, the market is more concerned about the current consumption season, from a medium-term perspective, China's peak season consumption rebounded, but there was no significant year-on-year growth, April and May consumption is still in the peak season, but compared with March may gradually weaken, the basic pattern of peak season is undeniable, after April will gradually turn to off-season expectations, which is not good
for bulls.
While domestic inventories are still at a high level, the plunge has led to China's re-imports, electro-copper inventories have been released from bonded to China, and spot stocks are under renewed pressure
.
Short-term Chinese demand factors still play a role, but copper prices may still have to repeat, and the long-term trend remains to be seen
.
