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Initial jobless claims in the United States remained high last week, and global confirmed cases of the new crown are still soaring, the epidemic situation is still grim, and the market's excessive optimism has been hit; At the same time, the operating rate of downstream copper pipe enterprises has declined, and the impact of weak overseas demand has begun to appear; Coupled with the recent widening of the refined waste price spread, the upward momentum
of copper prices is limited.
However, at present, the domestic copper mine supply is tight, resulting in the suppression of electrolytic copper production; In addition, the performance of downstream demand is still down, and Shanghai-London copper stocks continue to degrade, which supports copper prices
.
In terms of spot, copper prices fell sharply, there was no large number of bargain buying downstream, and traders were more active in inquiry, but they were slightly hesitant
to buy.
Looking ahead to next week, copper prices are expected to be volatile, copper mine supply is tight, and Shanghai copper inventories continue to deteriorate
.
