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Shanghai copper ran low on Friday night, and the latest closing price of the main month 2007 contract was 43490 yuan / ton, down 240 yuan, or 0.
55%.
Shanghai copper trading positions are declining, and towards the end of the month, the market began to become cautious
.
The number of unemployed in the United States continues to grow, the preliminary PMI in Europe and Japan in May continues to be in contraction territory, and the contraction of the global economy in 2020 may lead to weak demand
.
Although the domestic policy continues to be loose, but the fixed asset investment has not improved to a certain extent also reflects the poor operating conditions of enterprises, and PPI again decline or lead to corporate earnings deterioration again, macroeconomic conditions are not optimistic, aggregate demand may be difficult to improve, domestic refined copper production in April increased by 9.
2% year-on-year, refined copper inventories showed signs of rising, the overall supply environment was loose, and it is expected that Shanghai copper prices may be difficult to continue to rise
.
Before the inflection point of the epidemic, the global economic pressure was still great, and the manufacturing PMI in Europe and the United States rebounded in May, but the downward trend did not reverse, and there was still great uncertainty in the macro area; Fundamentals, mining activities in Peru and other regions are gradually returning to normal, Malaysia's scrap copper dismantling industry is gradually resuming production, scrap copper and other supply side benefits are gradually weakening, spot copper prices today or fall.
