Overseas assets have generally plummeted, and copper prices are difficult to survive alone

Yesterday's Shanghai copper plunged to a new low, the global market downward momentum increased, overnight London copper plunged once hit a new low before rebounding to close at $5435
.
During the Asian session, London copper rebounded at a low level, and the latest quotation at 15:10 Beijing time was 5457 US dollars / ton, up 22 US dollars, or 0.
40%.

In terms of the market, today's domestic spot copper prices fell, Yangtze River non-ferrous metal network 1# copper price was reported at 42700 yuan / ton, down 460 yuan, premium 70-130; Guangdong spot 1# copper price reported 42620 yuan / ton, down 500 yuan; Yangtze River spot 1# copper price 42760 yuan / ton, down 450 yuan, premium 120-liter 140; Shanghai spot 1# copper price was 42750 yuan / ton, down 415 yuan
.
In the spot market, the holders generally ship at a high price, and there are few receivers, and the trading is quiet and the transaction is not good
.
A pessimistic atmosphere dominates the market, consumption has not fully returned to normal, and there is pressure above copper prices, waiting for signs
of marginal improvement.

Industry News:

1.
Canada's Copper Mountain Mining announced a production adjustment on Tuesday due to the current market crash and the recent uncertainty
in copper prices due to the rapidly spreading coronavirus panic.
The company has revised its mining plans and timelines for the Copper Mountain project in British Columbia, delaying capital expenditures of $22 million and delaying the installation
of a third ball mill.
The company also reduced its recovery rate by about 25% for the remainder of 2020, from 200,000 tonnes per day to 120,000 tonnes to 160,000 tonnes
per day.
Copper Mountain Mining now expects copper production in 2020 to be between 86 million and 94 million pounds, down from a previous estimate of 1 to 113 million pounds
.

2.
Mitsui Mining and Smelting Co.
, Ltd.
(hereinafter referred to as "Mitsui") announced that its latest ultra-thin electrolytic copper foil product "MicroThin" has begun mass production and shipment
.
MicroThin produced by Mitsui is an ultra-thin copper foil (1.
5~5 m thick) that can be used to manufacture copper-clad fine circuit carriers (18 m thick for existing products).

Mitsui's customers rate this product highly because it can be transported
in rolls up to 1300 mm wide.
In addition, the highly stable peel strength between the product and the carrier board helps to improve board productivity and process yield, and copper foil can be reused as a recyclable
resource after being stripped from the circuit carrier board.

Last night, U.
S.
stocks melted down again, overseas assets generally fell sharply, and the price of copper fell slightly, and London copper closed at $5435
.
The epidemic in Europe and the United States continues to break out, U.
S.
stocks, gold, crude oil have fallen sharply, copper prices are difficult to stand alone, but from the external point of view, copper's decline is significantly smaller than other assets, the current domestic demand is still in the stage of stabilization and repair, overseas pessimistic expectations are partially realized, copper prices below the elasticity is limited, the operation of far month imaginary call options cautious holding, unilateral operation temporarily wait-and-see, waiting for the guidance of overseas epidemic and domestic inventory inflection point
.