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Shanghai copper continued to be volatile
last week.
The average weekly settlement price of the current month's contract was 66920 yuan / ton, down 258 yuan / ton per day; The average price of the previous week was 66180 yuan / ton, up 1.
12%
from the previous month.
Last week, London copper fluctuated
highs.
The average price of LME copper in the first four trading days was 9042.
25 US dollars / ton, down 33.
75 US dollars / ton per day; The average price last week was 8997 US dollars / ton, up 0.
50%
from the previous month.
In terms of the market, in the week of March 19, domestic spot copper prices fluctuated
at a high level.
The average price of Yangtze River nonferrous metal network 1# copper was 66960 yuan / ton, up 28 yuan / ton per day, and up 0.
21% on a weekly basis; The average price of the previous week was 66146 yuan / ton, up 814 yuan / ton compared with last week, up 1.
23%
from the previous month.
In terms of stocks, Shanghai copper stocks continued to rise last week, increasing by 15,578 tons to 187372 tons, an increase of 9.
07%, and the cumulative increase in the last seven weeks reached 181.
49%.
London copper stocks continued to increase last week, with a cumulative increase of 11,500 metric tons to 104,950 metric tons, a cumulative increase of 12.
31%.
In terms of industry, the risk of a copper strike in South America has resurfaced, and the Chilean Los Pelambres copper miners will agree to extend the strike mediation time, copper mine supply is still tight, and copper concentrate processing fees have fallen to the lowest
level in a decade.
Commodities trader Trafigura sees severe supply shortages in the copper market, and Chile's national copper company Codelco expects copper demand to continue to rise over the next three to
four years.
On the macro front, China's economy continued to recover steadily in the first two months of this year, with rapid industrial and export growth, and steady recovery in investment and consumption
.
The Fed maintained its accommodative policy, sharply raising its forecast for US GDP growth this year to 6.
5%, and the economic outlook has improved
.
Vaccinations continue to roll out and prospects for global economic recovery are strengthened, but rising U.
S.
Treasury yields hit market risk sentiment
.
In terms of news, China's refined copper production in the first two months increased by 12.
3% year-on-year to 1.
63 million tons
.
Recently, domestic and foreign inventories have accumulated, the current downstream market demand is still weak, high prices inhibit downstream consumption, but the traditional peak season is approaching, consumption improvement expectations still exist, energy metal demand has some structural changes, copper prices continue to fluctuate
at a high level.
