Shanghai copper high volatility operation, the overall market transaction is weak

During the Asian session, London copper fell at a high level, and the latest quotation at 15:01 Beijing time was 9181 US dollars / ton, down 31 US dollars, or 0.
34%.

In terms of the market, today's domestic spot copper prices rose, Yangtze River spot 1# copper 71680 yuan / ton, up 390 yuan, premium 340-liter 380; The Yangtze River Comprehensive 1# copper price was reported at 71670 yuan / ton, up 390 yuan, and the premium was 260-320; Guangdong spot 1# copper price reported 71570 yuan / ton, up 490 yuan, discount 60-liter 260; Shanghai spot 1# copper price was 71690 yuan / ton, up 485 yuan
.

In the spot market, the high spot premium has weakened the willingness to replenish downstream storage, and the receivers are afraid of heights, the trading sentiment is calm, and the overall transaction is weak
.
China's favorable policies are frequent, which is conducive to the rebuilding of market confidence, and the improvement of the epidemic situation in Shanghai, the relaxation of control measures is conducive to easing demand concerns, but domestic and foreign inventories are still increasing, superimposed downstream transactions are still weak, copper price growth is limited
.

Peru's economy grew by 3.
79% year-on-year in March, with improvements in most sectors of the economy, while the main mining sector shrank
due to social conflicts affecting production, according to foreign media news.
Peru is the world's second-largest producer of copper, but protests by indigenous Andean communities demanding higher yields from mining have affected production
.
In March, Southern Copper's Cuajone copper mine ceased production
for the entire month.
Peru's Ministry of Finance expects the economy to grow by 3.
6%
in 2022.

Today's Shanghai copper opened high, the latest opening price of the Shanghai copper 2206 contract was 71550 yuan / ton, up 950 yuan
.
Overseas Las Bambas copper mine continued to stop operation, has been 23 days, so that the supply blockage continues, the domestic central bank will increase the implementation of prudent monetary policy, and lower the first home loan interest rate lower limit, market risk sentiment has been improved, smelter demand for copper concentrate has increased, processing fee TC fell back below $80 / ton, copper is now rising
.