Nonferrous metals fell as a whole Shanghai copper did not fall deeply

In terms of spot, the price has fallen sharply, and the position volume has decreased
significantly.
The fundamentals have not changed much, the mine end continues to be tight, TC remains unchanged, smelter production restrictions are basically determined, domestic and foreign inventories have fallen sharply, bonded zone inventories remain unchanged this week, import profits and Shanghai-London ratio have declined, Yangshan copper premium has risen, scrap copper stocks have risen, demand is weak, and prices have fallen
.

Macroscopically, basically remained stable, copper prices in the recent stage of fluctuations are mainly affected by the epidemic, the past two days have declined, spot premiums have fallen sharply, high pressure began to reflect, recent shocks, need to be treated with caution, but do not worry too much, the domestic epidemic has been controlled, the current domestic consumption has picked up
.
In April, the operating rate of terminal cable enterprises exceeded 100%, which exceeded expectations year-on-year, indicating that the relative orders of State Grid and infrastructure have improved significantly, and the operating rate of cable enterprises in May is expected to be high
.
Overall, many European countries and US states gradually eased epidemic restrictions to restart the economy, China's April trade data exceeded expectations, downstream consumption improved significantly, and refined copper explicit stocks continued to be depleted
.
It is recommended to pay attention to the Shanghai copper 42000 support
.

Industry News:

1.
Recently, Tongling Nonferrous Jinguan Copper Industry Branch designed the Osmat smelting process project with an annual output of 200,000 tons of copper cathode officially put into trial production, and the whole process production line is expected to be officially put into operation
by the end of June.
At that time, Jinguan Copper Branch will form an annual production capacity
of 640,000 tons of copper cathode.
On December 18, 2012, the company's annual output of 400,000 tons of copper cathode "double flash" project was completed and put into operation, which is the world's largest copper smelter
built at one time.
On May 18, 2018, the "Osmet Furnace" project, designed for an annual output of 200,000 tons of copper cathode, was officially put into trial production, in which the electrolysis system adopts "one-time design and phased construction"
.

2.
The Indonesian government and the parliamentary committee responsible for mineral resources agreed
on Monday on amendments to the country's mining law.
The revision of the new mining law will later provide regional governments (PENDAs) with a higher share of mining revenue sharing, and local governments will receive a 1.
5% tax
.
It also made it clear that miners building smelters will be allowed to export ore for three years since the new law was enacted, but added that the government will specify in a separate regulation which ores
are allowed to be exported.
Indonesia, a major producer of nickel, tin and copper, currently allows the export of some raw ore until January 2022 under a ministerial regulation, but banned nickel ore exports
from this year.
The bill is scheduled to be put to a vote on by all members of Parliament soon
.