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The copper market was weak on Thursday, fluctuating
in a narrow range for many days.
The US PPI increased by 6.
2% year-on-year in April, higher than the expected value of 5.
8% and the previous value of 4.
2%; The US core PPI rose 4.
1% year-on-year in April, which was also higher than the expected 3.
8% and 3.
1% in the previous month, and the increase in US inflationary pressure was further confirmed, and the latest statements of Fed officials were followed
.
In terms of copper ore, the weekly TC showed signs of a slight low rebound, and we should pay attention to whether the new copper mine can be released during the year to impact the performance of short and medium processing fees
.
The US CPI in April jumped 4.
2% year-on-year, and the market was worried about inflation-traded commodities, causing the main force of Shanghai copper to fall 0.
52% to 75970 yuan / ton
yesterday.
April's non-farm payrolls data suggests that the US labor market needs to improve, and the direction of the Fed's loose monetary policy is not expected to change
immediately.
The support of the industrial side is still there, and the domestic refinery will be overhauled in May and June, and the supply side may be tight; LME copper stocks are still declining; 1# electrolytic copper reported 75910 yuan / ton, spot discount shrunk, market transaction is acceptable
.
Fundamentals are still bullish and may limit the downside range of copper prices and continue to maintain a medium- to long-term bullish view
.
