Inventories accelerate to dematerialize Shanghai copper trend is strong

In terms of external trading, London copper trend is stronger
.
The average price of LME copper in the first three trading days was 5213.
67 US dollars / ton, up 19.
33 US dollars / ton per day; Last week's average price was 5127.
4 US dollars / ton, up 1.
68%
from the previous month.

In terms of the market, in the week of April 30, domestic spot copper prices fluctuated strongly
.
The average price of Yangtze River nonferrous metal net 1# copper was 42827.
5 yuan / ton, up 225 yuan / ton per day, and up 2.
14% on a weekly basis; The average price of the previous week was 41994 yuan / ton, up 833.
5 yuan / ton compared with last week, up 1.
98%
from the previous week.

The epidemic has had a huge impact on the global economy, and the GDP of the United States has shrunk sharply in the first quarter, the worst performance in a decade; A large amount of economic activity in the eurozone stalled in April, with the economic sentiment index showing its biggest monthly decline on record
.
However, the Fed left near-zero interest rates unchanged and the economy provided additional help; The resumption
of economic action in Europe and the United States, optimism about the easing of pandemic-related restrictions, has stimulated investors' hopes for the economic outlook.

The world's major copper mines have been severely affected by the epidemic lockdown, mines have suspended production and reduced exports, and top miners such as Rio Tinto and Freeport have lowered their copper production targets for 2020, and GlobalData expects copper production growth to fall to 1.
9%
this year.
At the same time, China's copper imports are also facing challenges, and the financial pressure on the smelting end has reappeared
.
At present, the downstream is in the peak consumption season, coupled with domestic local plans for metal storage and storage, the overall fundamentals are positive, supporting the rise in copper prices
.

The restoration of China's production and living order has accelerated, and manufacturing production and operation activities have continued to improve, but the recovery of demand is weaker than production, and the uncertainty of import and export markets has increased
.
At present, the timing of the two sessions confirmed the introduction of measures to boost market confidence, stabilize and expand automobile consumption, and the demand outlook has been strengthened
.
Glencore and other miners lowered their production guidelines, mine supply is still tight, the transmission of overseas supply disturbances may appear in May, superimposed on the accelerated dematerialization of inventories, strong fundamentals in the short term, copper prices are expected to maintain a strong trend
.