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On Friday evening, international nonferrous prices were under overall pressure, copper was dragged down by the surrounding market, and London copper futures were reported at 5630.
5 US dollars / ton, down 0.
71%.
Recently, overseas financial markets have encountered panic again, superimposed on the black swan outbreak of the global "crude oil war", the two-way fluctuations of the global financial market are significantly large, investors' risk appetite in the epidemic panic and policy stimulation of various countries up and down, international bulk industrial products represented by crude oil and copper are expected to fall sharply with the risk appetite of the global market, and Shanghai copper is appropriate
to leave the market and wait and see.
Copper prices fell mainly due to the spread of the epidemic and increased economic uncertainty, US Treasury yields fell to record lows, and although the US non-farm payrolls data for February was strong, it was overwhelmed by the current dominant safe-haven environment, and US stocks also showed sharp volatility and declines
during the week.
Gold prices were pushed higher by risk aversion, and crude oil plummeted 10% due to the collapse of OPEC+ alliance production cut talks, which was obviously negative
for copper prices.
This week, the market is expected to remain dominated by overseas pandemic worries, and as long as the number continues to rise, there will be no way to shake concerns
about the economic impact.
In terms of spot, this week entered the delivery cycle, from last week's high discount state, the follow-up delivery of low-priced brand sources still has profit margins, so in the context of the current downstream gradual return, the overall market transaction activity will be significantly improved, and the plate price is also at a low level, low prices attract downstream receipts, so spot prices are expected to rise significantly today
.
It is expected that Shanghai copper will be 44300-44700 yuan / ton
today.
Spot discount 60-discount 20 yuan / ton
.
