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Shanghai copper rose sharply on Friday, the price hit a new high for the year, and the main Shanghai copper 2008 contract closed at 47680, up 920, or +1.
97%.
Shanghai copper in the day further got rid of the narrow range of the previous shock, after noon quickly broke up to a new high, the domestic secondary epidemic has been gradually controlled, the last period of electrolytic copper phenomenon maintained consumption, copper supply side in the year copper concentrate is still expected to be tight, the domestic has become the main demand for global refined copper, supply and demand tight balance state to drive copper market confidence recovery, prices further closer to the previous year, in the short term Shanghai copper or still strong, internal strong external weak pattern continues
。 Pay attention to the current round of high situation, the main pressure level of Shanghai copper focuses on around 48,000, the overall price center of gravity shifts up, the support level is converted to around 47,300, the upstream and downstream of the operation can consider looking for a pullback or a low point appropriate just need to stock, and the merchants maintain fast forward and fast out
.
On the news front, the Zambian Mining Association said on Thursday that mining companies in Zambia, Africa's second-largest copper producer, saw revenues fall by 30% in the three months to April due to the COVID-19 pandemic, with consequences likely to last at least 12 months
.
Severe global restrictions on transportation have hit the mining supply chain and hindered the export and sale of copper, hurting companies' revenues and government revenues
, the mining industry association said.
This metal is Zambia's main source of foreign exchange earnings and a major driver of
tax revenue.
"The decline in mining revenues is also reflected in mineral processing fees, as Zambia imposes royalties
on every tonne of copper sold," the chamber said.
"In the three months from February to April, royalty revenues are estimated to be between $60 million and $65 million, about two-thirds
of the expected $90 million.
