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Copper prices fell slightly yesterday, and the upward momentum gradually declined
.
The epidemic in Europe and the United States has reached an inflection point, market sentiment has been repaired, copper seasonal destocking has begun, while overseas ore supply disturbances are still expanding, macro sentiment repair superimposed on marginal improvement in fundamentals, driving copper prices to rebound
upward.
In the long run, the peak of the epidemic panic may have passed, but the worst moment of fundamentals has not yet come, the long-term trend of copper is not optimistic, and the upper resistance is greater
.
From the perspective of the plate, the current upward momentum is fading, overnight oil prices fell sharply or drove the metal to fall, pay more attention to take profit protection, short-term can be light short test, options follow the selling wide straddle strategy
.
Today's domestic spot copper prices fell slightly, Yangtze River nonferrous metal network 1# copper price was reported at 41750 yuan / ton, down 50 yuan, premium 140-200; Guangdong spot 1# copper price was 41720 yuan / ton, down 70 yuan; Yangtze River spot 1# copper price 41820 yuan / ton, down 30 yuan, premium 230-liter 250; Shanghai spot 1# copper price was 41770 yuan / ton, down 65 yuan
.
The market supply continues to be tight, the premium has expanded slightly, the downstream on-demand procurement is the mainstay, and the market trading is active
.
With the recession in major consumer markets such as Europe and the United States, copper consumption will be sharply reduced, and domestic demand will recover well, but it may be difficult to change the overall supply and demand pattern, and copper prices lack sustained upward momentum
.
Industry News:
1.
Last week, Glencore Mopani Copper declared force majeure, but it was vetoed
by Mines Minister Richard Musukwa.
Glencore's relationship with the Zambian government is at risk
of deteriorating.
It is reported that the two sides are discussing
the entry of the Mopani copper mine into maintenance.
On Monday, Glencore announced a moratorium on production at its Antamina copper mine in Peru for at least two weeks
.
Atalaya Mining said Wednesday that copper production in the first quarter of 2020 increased 29%
year-on-year.
13,229 tonnes of copper were produced in the first quarter, compared to 10,219 tonnes
in the same period last year.
Production decreased by 2.
3%
compared to the previous quarter.
The company also said cash operating costs for the first quarter of 2020 will be above the guidance range
of $1.
95-$2.
05.
The company maintained its 2020 copper production guidance of 55,000 to 58,000 tonnes, but said it would regularly review
its guidance due to the pneumonia epidemic.
Today's Shanghai copper is weak and volatile, the main month 2006 contract opened at 41390 yuan / ton, the highest intraday 41670 yuan / ton, the lowest 41320 yuan / ton, the settlement 41490 yuan / ton, the close 41560 yuan / ton, down 30 yuan, down 0.
07%.
The trading volume of the main 2006 contract of Shanghai copper was 56,614 lots, a decrease of 17,374 lots, and the position volume decreased by 949 to 113717 lots
.
