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Shanghai copper fluctuated to the upside
this week.
Weekly spot copper rose by about
680 yuan.
Overseas, Philadelphia and New York manufacturing indexes were well below expectations, and the number of jobless claims in the United States last week exceeded expectations, although the hawkish position of the Fed does not change, but subject to the threat of recession risk, the market expects the Fed to exceed expectations in the short term
.
In Europe, first-quarter GDP beat expectations and employment moderated, and high inflation prompted the UK and ECBs to accelerate the pace
of interest rate hikes.
Affected by the above factors, the dollar index fell
sharply.
Domestically, the impact of the previous epidemic is gradually fading, the prospect of resuming work and production under the steady growth policy is worth looking forward to, and the demand side remains relatively optimistic
.
The supply side May smelter maintenance period is about to end, and with logistics, the import channel in Shanghai is usually opened, and the subsequent supply pressure is loose.
Copper concentrate processing fees TC continued to fall, smelter resumption and commissioning of copper concentrate demand increased, and the supply of overseas copper mines such as Peru continued to be disrupted
.
In terms of refined copper, the expectation of copper production recovery in June has strengthened, new projects in Hubei have begun trial operation, and two smelters in Shandong are about to resume production
.
The supply of recycled copper is tight, the profit of recycled copper imports is narrowing, the price spread of refined scrap is much lower than the break-even point, and the production of recycled copper rods is declining
.
Overall, U.
S.
inflation eats into consumption, the sell-off in European and American stock markets resumes, and the safe-haven dollar rises
.
From a fundamental point of view, domestic spot premiums are firm, and supply is still tight, which will limit the decline in domestic prices
.
