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Yesterday, fundamental changes were relatively limited
.
Holders' price sentiment is still strong, but downstream acceptance of current copper prices is still low
.
As a result
, trading is relatively deadlocked.
However, some of the demand for replenishment before May Day still exists, coupled with the current pattern of relatively weak US dollars, so for the current copper price, it can still maintain a relatively optimistic attitude
for the time being.
On the macro front, global central banks are likely to continue to maintain their current ultra-loose monetary and fiscal policies, and the US dollar is expected to remain weak
.
Spot: The performance of the spot market remained stable and unchanged during the week, and the activity was always difficult to increase, and the high level of the market fell slightly to adjust, but it was still difficult to stimulate downstream buying, the sentiment of holders was strong, and the stalemate between buyers and sellers continued
.
The morning market flat water copper began to report in the discount of 130 yuan / ton market is difficult to see a large number of transactions, the market price adjusted to a discount of 140 yuan / ton, the acceptance of buying is still not high, but most of the holders are unwilling to adjust the price again, the actual transaction under the market deadlock is few, some holders under the sentiment of cash adjustment to a small amount of discount 150 yuan / ton before a slight transaction
.
Good copper and wet copper quotations are also not too much / fluctuating, foreign trade market imported copper inflow is less, good copper holds to the discount of about 70 yuan / ton, Guixi copper continues to sell sentiment, rarely quoted, hold the discount around
50 yuan / ton.
Wet copper quotations are also firm at a discount of 230-200 yuan / ton, but the downstream cautious wait-and-see mood is still there, and the market buying power is limited
.
In terms of fundamentals, the CSPT team failed to finalize the floor price of copper concentrate processing fees in the second quarter of 2021, indicating that the market may have certain differences in the future supply of copper concentrate, but it is still difficult to say that it is generous, and on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, and the next peak season destocking is likely to form a strong support for copper prices, temporarily maintaining the long-term bullish judgment of copper prices, but if the destocking in the second quarter is not as expected, The rise in copper prices may be weaker
than previously expected.
