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Market fundamentals are mixed this week, the United States announced its withdrawal from the Iran nuclear deal, and the Trump administration may impose more sanctions on Iran, the news supported oil prices to rise, but the dollar and US Treasury yields rose in tandem, which was not conducive to commodity prices, market risk aversion heated, investors wait-and-see this week; China's copper imports increased sharply in April, and domestic copper imports in the first four months of this year increased by 15.
4% year-on-year, indicating that market demand has picked up and copper prices have remained stable
on a weekly basis.
In the external market, Powell said this week that although the Fed has raised the benchmark interest rate six times since December 2015, the conditions in the US financial market have become more relaxed, and the Fed President's hawkish remarks stimulated the dollar index to continue to strengthen and break through the 93 mark, and the trend of London copper was under pressure, but the overall performance resisted; A dispute between Zambia, Africa's second-largest copper producer, and Canadian miner First Quantum could affect 60,000 tonnes of copper supply, and London copper rebounded over
the weekend, supported by consecutive declines in inventories.
In terms of inventories, London copper stocks continued to maintain a downward pattern this week, with a cumulative reduction of 30,300 metric tons to 281075 metric tons, a cumulative decrease of 9.
73%, the lowest level since the end of January this year; London copper stocks have been declining in recent times, falling by more than 27%
since late March.
Copper market news
1.
Chile's copper output in the first quarter of this year was 1.
42 million tons, an increase of 18.
9% year-on-year, of which copper production in March increased by 30.
8% year-on-year to 487,900 tons; Peru produced 567,500 tonnes of copper in the first quarter of this year, up 0.
6% year-on-year, and plans to boost copper production to 3 million tonnes
in 2021.
Vedanta Resources' Konkola Copper Mines is in a dispute
with the Zambian government over $18 million in taxes.
After an audit, the Zambian tax authorities decided to add $18 million in taxes
to the company.
Previously, the country's tax regulatory authorities had issued a hefty $8 billion tax bill
against Canadian miner First Quantum.
Looking forward to the future market, China's Ministry of Commerce recently said that it will go to the United States at an appropriate time to hold consultations on trade frictions, hoping to jointly promote the stable development of economic and trade relations between the two countries under the principle of mutual respect and equal consultation, and release a positive signal on Sino-US trade; However, the geopolitical situation is unstable, and the United States may introduce new sanctions against Iran next week, which will put a certain pressure
on market sentiment.
Copper demand is still in the seasonal peak season, but macro uncertainty still affects the market, and copper prices are expected to rebound
cautiously next week.
