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Shanghai copper bottomed out this week
.
The weekly average settlement price of the current month's contract is 65886 yuan / ton, an average daily increase of 102 yuan / ton; The average price of the previous week was 66330 yuan / ton, down 0.
67%
from the previous month.
This week, London copper was weakly volatile
.
The average price of LME copper in the first four trading days was 8811.
25 US dollars / ton, down 36.
25 US dollars / ton per day; Last week's average price was 8927.
8 US dollars / ton, down 1.
30%
from the previous month.
On the macro front, China's economy generally maintained its expansion trend, with enterprise production accelerating recovery after the holiday, and supply and demand picking up simultaneously, but Caixin's manufacturing data showed a marginal slowdown
in expansion speed.
The US small non-farm payrolls data in March was slightly lower than expected, and the services sector was back on track, announcing more than $2 trillion in infrastructure-related stimulus plans, but still facing many difficulties
.
The manufacturing industry in the euro area is recovering vigorously, and the improvement trend is mainly concentrated in Germany, but the epidemic situation is still grim, and many countries have once again "locked"
.
In terms of the market, in the week of April 2, the center of gravity of domestic spot copper prices shifted
downward.
The average price of Yangtze River nonferrous metal network 1# copper was 65766 yuan / ton, down 16 yuan / ton per day, and down 0.
12% on the weekly line; The average price of the previous week was 66290 yuan / ton, down 524 yuan / ton compared with last week, down 0.
79%
from the previous week.
Chinese copper smelters decided not to set a minimum standard for copper processing refining fees (TC/RCs) for the second quarter, saying there was sufficient supply and that a maintenance period
was imminent.
However, the volume of routine maintenance of smelters is not large, domestic peak season consumption has not been started, and domestic and foreign inventories have recently been in a state of growth, putting pressure
on copper prices.
In terms of inventory, Shanghai copper stocks continued to rise this week, increasing by 9,269 tons to 197628 tons, an increase of 4.
92%, and the cumulative increase in the past nine weeks reached 196.
89%.
London copper stocks continued to rise this week, accumulating an increase of 19,975 metric tons to 143775 metric tons, a cumulative increase of 16.
13%.
In terms of news, the tight pattern of copper concentrate is still continuing, processing and refining costs continue to be low, there are some routine maintenance in the second quarter, the traditional consumption season is approaching, but the domestic has not yet seen the signal to destock, the LME copper warehouse is still in a volatile upward trend, the current demand recovery is weaker than expected, and copper prices are expected to continue to fluctuate
next week.
