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Copper prices opened low and high last week, and the main force of Shanghai copper roughly operated in the range of 4.
13-42,300.
The crude oil production reduction agreement landed, cutting 9.
7 million tons / day, supporting the stabilization of oil prices, but the positive has been digested in advance, the market is still worried that the production reduction is difficult to offset the decline in demand, oil prices once fell to the low level of 02, which has a linkage effect
on copper prices.
On Friday, Trump said that the United States passed the peak of the epidemic and was ready to restart the economy, repairing pessimism brought by weak retail sales data, and market confidence continued to recover, which was positive for copper prices
.
Peru's largest copper mine announced that it would stop production for at least two weeks, frequent interference at the mine end, coupled with the orderly resumption of work in China, the inventory of the previous period fell for four consecutive weeks, which strengthened the support for copper prices and kept the center of gravity upward
.
In the market, copper prices continued to rise this week after standing at 41,000, and the mood of the spot market gradually diverged, which also led to the situation of rising with futures and cash
.
Due to factors such as gambling and tax reduction, the contract price difference in April and May was large, and in order to make up for the price difference, the maximum copper premium was raised to around 190 yuan after the change of month, and the holder maintained the selling, but the room for price reduction was limited
.
In terms of import profit and loss, the window continued to open this week, maintaining around
100 yuan / ton.
Stimulated by the landing of the OPEC production reduction agreement and the US economic boost policy, coupled with the disturbance of overseas copper mine supply, and the expected increase in short-term demand such as domestic new infrastructure, the high confidence of the copper market during the week boosted prices and hit the high level
.
However, there are still signs of weak copper supply and demand in the medium term under the impact of the epidemic, and the global economic recession pattern may trigger more secondary recessions, while the reduction of domestic grid investment, the sluggish automotive industry and the sluggish growth of the real estate industry will produce a certain decline in refined copper demand, or bring a longer period of impact on refined copper demand
.
At present, the financial attributes of the copper market promote the price signs are significantly higher than the guidance of supply and demand, the short-term level of the copper market still has momentum, Shanghai copper or will hit around 43,000, in the recycled copper and refined copper market circulation after the price will fall back, by the medium-term guidance is weak
.
