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Shanghai copper afternoon review on May 7

 Last Update: 2022-12-18
 Source: Internet
 Author: User

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Yesterday's Shanghai copper futures prices fell slightly, CU2005 closed at 42720 yuan / ton
.
On the spot side, prices fell slightly, and due to the impact of the epidemic fluctuations, the position and trading volume decreased
slightly.

Shanghai copper

The fundamentals have not changed much, the mine end continues to be tight, TC has decreased slightly, smelter production restrictions are basically determined, domestic and foreign inventories have fallen sharply, this week the bonded zone inventory remains unchanged, imports maintain losses, Yangshan copper premium increases, scrap copper supply continues to be tight, prices rise
.

Macroscopically, it has basically remained stable, and the rise in copper prices in recent years is mainly affected by the epidemic, the domestic epidemic has been controlled, and 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
.
At the price level, domestic smelting profits are low, but with the increase in scrap copper supply and the recovery of logistics in overseas mineral countries, the tight supply of raw materials is expected to ease and stimulate the recovery of refined copper production
.
From March to April, domestic copper demand has returned to positive growth, but in the context of weak external demand, the growth rate may decline marginally, and the overall external demand remains unchanged
.

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