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Base metals rose broadly, gaining momentum from the White House stimulus finance
.
London copper rose sharply last week, closing at 10270 on Friday, and the main contract of Shanghai copper closed higher
.
LME copper stocks were 122425 tonnes, down 4,250 tonnes from last week; Copper stocks in the previous period decreased by 13,303 tons to 207821 tons; The warehouse of Shanghai Free Trade Zone was 438,000 tons, an increase of 9,000 tons
.
On the news, Chile's Escondida trade union began to strike on Thursday, the company currently employs non-union and temporary workers to maintain production as much as possible, the epidemic situation in Southeast Asia has worsened, and Malaysia announced over the weekend that the country will be closed in the first two weeks of June due to the severe epidemic, and scrap copper processing and exports may be affected
.
Domestically, the Shanghai Stock Exchange inventory decreased by 13,000 tons, and bonded inventory increased by nearly 10,000 tons, as the sharp drop in copper prices stimulated a slight increase in downstream purchases, while domestic refineries continued to export to bonded warehouses
due to price comparisons.
According to statistics, the refinery was overhauled in May but the crude copper supply was loose, and the output decreased by nearly 50,000 tons month-on-month, the impact was slightly lower than the previous forecast, and the June maintenance still had a certain impact, and the concentrate processing fee offer for July delivery remained at the median of $30, indicating that the concentrate tension has not changed
.
In terms of consumption, after the sharp fall in copper prices, downstream procurement was slightly positive, but the overall bearish mentality was formed, the price rebounded slightly, that is, afraid of heights, scrap copper shipments were positive, resulting in the price difference of refined waste expanding to more than 2,000 yuan, low oxygen rods replaced anaerobic rods obviously, cable orders were weak, and attention was paid to whether consumption picked up
after the change of month.
On the whole, overseas profits are maintained, the impact of strikes and the epidemic on supply is being reflected, supporting copper prices, but domestic consumption is weak, the price structure is seriously bearish, under internal and external contradictions, copper prices maintain high volatility, recent pressure above 75,000, operationally maintain range shock ideas, short long high change of hands
.
