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Copper market noon comment: Concerns about the second outbreak of the epidemic heated, overnight London copper rushed back down to close down $17, global copper explicit inventories continued to deteriorate, but the sustainability of demand recovery still needs to be confirmed, today's copper or rise or fall little
.
The global economy is a foregone conclusion in 2020, with the US fiscal deficit rising to a record high in April, the CPI hitting the largest month-on-month decline since 2008, and the deflationary pressure on domestic PPI further increasing, and the global economic outlook gloomy
.
However, for now, the epidemic is still continuing, the negative impact on the global economy may be slowly emerging, the effect of counter-cyclical adjustment policies is not yet certain, and considering that epidemic prevention and control is still a priority for governments, overseas demand may continue to be weak, and the shortage of scrap copper supply is expected to improve, and Shanghai copper prices are expected to face certain downward pressure
.
Today's Shanghai electrolytic copper spot contract reported flat water ~ premium 20 yuan / ton, flat water copper transaction price 43100 yuan / ton ~ 43190 yuan / ton, premium copper trading price 43110 yuan / ton ~ 43200 yuan / ton
。 Today's morning Shanghai copper trend is V-shaped, low and dangerous to hold the 43,000 yuan / ton mark after the recovery was hindered 43,200 yuan / ton a narrow finishing, the next month price difference shrank to less than 200 yuan / ton, before 11 o'clock basically maintained stability in the range of 170-180 yuan / ton, market holders have no willingness to dump goods, good copper concentrated trading in the premium 10 ~ liter 20 yuan / ton range, flat water copper mostly around flat water - liter 10 yuan / ton, there is little room for price reduction, traders trading activity decreased, but because the absolute price fell significantly, Attract some downstream into the market replenishment, inquiry enthusiasm increased, wet copper from the morning market discount 40-discount 30 yuan / ton was pressed down to trade in the discount 50 yuan / ton line, although the spot quotation compared with yesterday has continued to rise, but there is almost no range between brands, only 10 yuan / ton price difference, today's market transaction below the buying order dominated, if the spread continues to narrow significantly close to the hundred yuan line, the premium is expected to be raised again, the transaction will also be further improved
.
