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Copper prices fell on Tuesday as a stronger dollar and rising inventories triggered a sell-off, while the market looked ahead to manufacturing survey data
from China, the largest consumer.
At 1602 GMT, copper fell 0.
9% to $
8,782 a tonne.
Since hitting a nine-and-a-half-year high of $9,617 last month, copper prices have fallen 8 percent
.
Base metals fell generally due to the sharp rise in the US dollar, London copper fell to $8,750, London inventories increased by another 10,000 tons, reflecting China's weaker import demand in the first quarter, overseas excess inventory began to return to exchanges, forming a certain suppression
of copper prices.
However, on the whole, copper prices are in line with the normal rest situation after the big rise, and even the recent rise in the US dollar index obviously only affects the rhythm of copper price fluctuations, and its narrow range shock pattern has not changed
.
The demand growth brought about by the new round of large-scale monetary stimulus and economic recovery overseas remains unchanged, and the main reason for the recent copper market to maintain a break is that downstream demand has recovered slowly after the sharp rise in copper prices, and inventories are still continuing to grow
.
Copper stocks on the London Metal Exchange (LME) have continued to recover from a low of more than 70,000 tonnes since March, rising to 142,550 tonnes as of Tuesday, a three-and-a-half-month high
.
Since the beginning of the month, the cumulative increase in inventory has exceeded 90%.
Shanghai copper inventories continued to increase but slowed down significantly, with weekly inventories rising 0.
53% to 188,359 tonnes in the week of March 26, updating a more than half-year high
, according to data released by the Shanghai Futures Exchange.
International copper stocks increased by 5.
42% to 62,027 tonnes
.
Downstream demand has weakened significantly since last week, and sales of low-oxygen rods have also deteriorated, meaning that anaerobic rod inventory pressure is greater
.
The spot discount narrowed slightly from last week to around 100 yuan, the import loss was more than 300 yuan, and the entire spread structure did not see a significant strengthening, indicating that the spot is still under slight pressure and does not support price increases
.
However, the latest concentrate processing fee has fallen below $30, domestic refineries are overhauled in April and May, and the downstream gradually accepts high copper prices, it is estimated that cable consumption will gradually recover after April, and peak season demand growth is still expected
.
Focusing on the recovery of consumption after April, copper prices are expected to gradually recover
.
