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Today's Shanghai copper main opened lower than 42930 yuan / ton in the morning, and after the opening, the bulls increased their copper prices by more than 100 yuan / ton, and briefly hovered
at 43030 yuan / ton.
Immediately after the bears continued to increase their positions, copper prices quickly fell to the lowest point of the day of 42800 yuan / ton
.
At this low level, the short exit drove copper prices to rebound, and the center of gravity stabilized at 43,010 yuan / ton, and closed at 43,040 yuan / ton
at midday.
Copper prices opened sideways in the afternoon
.
Near the close, bulls fled and caused copper prices to fall, and finally closed at 42910 yuan / ton, down 80 yuan / ton, down 0.
19%.
Industry News:
1.
On May 12, the 400,000-ton high-purity copper cathode copper clean production project of Daye Nonferrous Metals Holding Group Co.
, Ltd.
(hereinafter referred to as "CNMC Daye"), a nonferrous metal group invested by China Nonferrous Metal Group, officially started construction, marking a substantial step
towards the million-ton domestic copper cathode production capacity of China Nonferrous Metal Group.
After the completion of the project, China Nonferrous Metal Group's domestic cathode copper production capacity will reach 1 million tons, entering the leading ranks of the global copper industry
.
2.
News on May 12, Zambia temporarily closed its border crossings with Tanzania, and copper export business shipped through Dar es Salaam, the capital of Tanzania, was forced to delay.
On May 10, local time, according to the official website of Zambia's national television station ZNBC, Zambian President Lungu ordered the temporary closure of the Nakonde area located in northeastern Zambia on the border with neighboring Tanzania from May 11, local time, because 76 of the 85 new confirmed cases of new coronary pneumonia in Zambia on May 9, local time, came from Nakonde, which has become a high-risk area
for the spread of new crown pneumonia in Zambia.
South Africa's strict lockdown has forced the country's miners to choose ports in other African countries to ship copper, with Dar es Salaam being the first choice
.
Fundamental changes: 1) The speed of destocking of refined copper society has slowed down, and the domestic destocking has entered the second half, and the destocking speed is expected to gradually decrease; 2) The refined waste price spread is repaired upward, Malaysia's restrictions are relaxed, scrap copper imports are expected to gradually recover, and refined waste substitution is difficult to maintain for a long time; 3) Weekly TC fell to the bottom of nearly six years, but refined copper production in the past two months has not been significantly affected, and the conductivity of ore disturbance still needs to be observed
.
Nonferrous metals ran weakly yesterday, and Shanghai copper ran at the intersection of short-term moving averages, and the price was somewhat supported
.
Yesterday's electrolytic copper maintained a slight discount, the early large destocking, refined waste substitution and other parts of the favorable has weakened, the effectiveness of the transmission of ore supply disturbance is doubtful, the fundamentals lack new driving force, copper prices into the end of the upward movement
.
However, the two sessions are approaching, the market still has expectations for policies, short-term prices have some support, the decline is not expected to be deep, and more attention is paid to protecting profits
.
