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Trade Service
Last week, the center of gravity of Shanghai copper fluctuated upward, and the main contract briefly broke through the 10,000,000 mark
during the session.
The number of new additions in Europe slowed down, the market risk appetite rebounded, and the equity market rose sharply, which may drive copper prices to continue to warm
up during the day.
However, for the short-term rise still need to be cautious, some countries led by the United States are still rising, the southern hemisphere may have the risk of rotation outbreak, external demand is still weakening, the weakness of economic fundamentals has suppressed copper prices, and the overall trend of the external market is weaker than that of the domestic
market.
Operationally, sell wide straddle options and continue to hold, focusing on the positive set of opportunities under the expectation of
long Shanghai and tax cuts.
The central bank lowered the RRR in a targeted manner, releasing about 400 billion
yuan of long-term funds.
The number of non-farm payrolls in the United States fell by 701,000 after the quarterly adjustment in March, compared with an expected decrease of 100,000 and an increase of 273,000
in the previous month.
Japan plans a 108 trillion yen economic stimulus package
.
Confirmed cases in the United States rose to 360,000
today.
Russia and Saudi Arabia are preparing to engage to discuss crude oil production, and crude oil soared on Friday, supporting commodities
.
In terms of the market, today's domestic spot copper prices rose sharply, Yangtze River nonferrous metal network 1# copper price reported 40790 yuan / ton, up 1030 yuan, premium 100-liter 160; Guangdong spot 1# copper price was reported at 40760 yuan / ton, up 1020 yuan; Yangtze River spot 1# copper price 40870 yuan / ton, up 1030 yuan, premium 190-liter 210; Shanghai spot 1# copper price was 40830 yuan / ton, up 1090 yuan
.
Industry News:
1.
The production and construction of Zijin Mining's overseas projects are stable
.
As of March 16, Zijin Mining's 13 overseas mines have no cases or suspected cases, and overseas mining enterprises in January and February mineral gold increased by 17% year-on-year, and mineral copper increased by 90%
year-on-year.
In the Democratic Republic of the Congo, Africa, the Zijin construction team of the Kamoa-Kakula copper mine said that before the epidemic is lifted, if more construction personnel are needed in the future, relevant construction forces will be sent from neighboring projects to reinforce
them.
In Colombia, on the eastern coast of the Pacific, the just-delivered Buritika Gold Project opened a "green channel" for people to enter the site to apply for visas, allowing the team to arrive at the Buritica Gold Mine
in time for the "window period" before the global spread of the epidemic.
At present, the mine has completed 95% of the test run, and it is expected to complete the main line test run and produce gold by the end of March
.
TOKYO, April 3 -- Pan Pacific Copper, Japan's largest copper smelter, said on Friday that its parent company's smelter plans to produce 295,000 tonnes of refined copper in the first half of the fiscal year, down 1.
3 percent
from the previous year.
Japan Mining & Metals owns 67.
8% of Pan Pacific Copper, with the remainder in Mitsui Mining and Smelting Co.
in hand
.
A spokesman for Pan Pacific Copper said the latest production plan did not take into account the impact of
the coronavirus pandemic.
3.
The Brazilian government has declared mining a national "essential" industry to ensure mining production
during the coronavirus pandemic.
A decree signed by the Brazilian Minister of Energy and Minerals shows that even if local governments take measures to ban commercial activities and the movement of people, mining-related research, transportation and mineral sales do not have to stop
.
