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Copper prices fell slightly this week, and spot copper quotations were 71101.
67 yuan / ton as of the weekend, down 3.
43% from 73623.
33 yuan / ton at the beginning of the week, up 22.
68% from the beginning of the year and 58.
4%
year-on-year.
On the macro front, global central banks are likely to continue to maintain their current ultra-loose monetary and fiscal policies, and the US dollar is expected to remain weak
.
In terms of fundamentals, the CSPT team failed to finalize the floor price of copper concentrate processing fees in the second quarter of 2021, indicating that the market may have certain differences in the future supply of copper concentrate, but it is still difficult to say that it is generous, and on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, and the next peak season destocking is likely to form a strong support for copper prices, temporarily maintaining the long-term bullish judgment of copper prices, but if the destocking in the second quarter is not as expected, The rise in copper prices may be weaker
than previously expected.
Copper prices fell weakly this week, some Fed officials mentioned that they are considering gradually launching some credit instruments and reducing the scale of bond purchases, macro expectations on copper prices support margin weakened, after the recent copper price rebound to a high level, downstream fear of heights once again appeared, and Guangdong power cuts began to affect some downstream demand, later facing demand off-season, copper prices continue to rebound pressure is greater
。 In addition, with Zijin Mining's Kamoa-Kakula large-scale copper mine project in the Democratic Republic of the Congo (DRC) put into operation ahead of schedule, the tight global copper mine supply situation is expected to gradually ease in the second half of the year, but the political risks of mining in Chile and Peru remain, and the market's expectation of supply-side disruption still supports copper prices
.
It is expected that copper prices will maintain a wide range of volatility in
the short term.
