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Copper prices rose first and then rebounded at the beginning of the week stimulated by the news of domestic infrastructure investment, but the overseas epidemic continued to spread, the Federal Reserve even urgently cut interest rates to deal with the impact of the new crown epidemic on the economy in advance, market sentiment deteriorated rapidly again, risk assets fell again, copper prices weakened
.
Crude oil then fell sharply by the collapse of the OPEC meeting, which further dragged down the overall market sentiment, and risk assets plunged collectively on Monday, dragging copper prices low and weaker
.
On the macro front, international oil prices were repaired last night, recovering some of the lost ground, the three major US stock indexes rose nearly 5%, US bond yields recovered, the US dollar index also rose significantly, and safe-haven asset prices fell
.
Trump urged Congress to introduce tax cuts and other stimulus measures, with the intention of cutting payroll taxes for the rest of the year
.
China's February CPI rose 5.
2% year-on-year, narrowing the increase; PPI decreased by 0.
4%
year-on-year.
Industry News:
1.
Ivanhoe said progress on its Kakula copper project is continuing, with production scheduled for the third quarter of 2021
.
The Kakula Copper Mine is the first
of several mines located in Kamoa-Kakula, Democratic Republic of the Congo (DRC).
The company said the mine's initial processing plant capacity has increased from 3 million tonnes per year to 3.
8 million tonnes
per year.
Ivanhoe also said more workers are needed to build up pre-production stocks of about 1.
5 million tonnes of high-grade ore and prepare 700,000 tonnes of copper
grading between 1% and 3%.
Freeport-McMoRan announced in a statement on Monday that it plans to increase copper and gold sales by 30-40% and reduce net cash costs for copper operations by 25% to $1.
30 per pound
.
Earlier, the company said in its fourth-quarter report that it expects copper sales to reach 3.
5 billion pounds, gold sales to reach 800,000 pounds and molybdenum sales to reach 88 million pounds
in 2020.
By 2021, copper sales will increase to 4.
3 billion pounds and gold sales will reach 1.
4 million cups
.
The company will continue to focus on boosting production at its underground mine in Papua, India, while the Lone Star project in Arizona is nearing completion and is scheduled for completion
this year, the statement said.
Copper prices rebounded repairively yesterday, and the main force recovered to the 44500 area
.
After copper prices fell back to the bottom of $5400-5500 since 2017, the downward elasticity is small
.
However, it is still not advisable to be overly optimistic in the short term, the development of the epidemic in Europe and the United States has not yet reached its peak, the market is worried about the uncertainty of the future, domestic inventories have not reached the inflection point, and copper prices are difficult to trend up in the short term
.
After the light short selling strategy recommended last week took profit and left the market, the thinking turned more, the far month imaginary call option was held, and the futures bulls recommended to wait
for the time being.
