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Shanghai copper fell nearly 3,000 yuan this week, and copper rushed to the top during the week and fell sharply, and the recent single-day volatility range reached about
2,000 yuan.
Affected by the low level of London copper stocks and the European energy crisis, which triggered smelter production cuts, the market was more worried about the supply side, which once pushed Shanghai copper to hit the 77,000 mark
.
However, with the subsequent policies of the domestic development and reform commission to curb the speculation of bulk commodities, the black series fell in response, driving the high level of non-ferrous metals to slide
.
An external speculation hot spot is that the recent inventory is at a low level, the supply of goods is tight to stimulate the holder to raise prices, the domestic premium is high, while the Lme inventory cancellation warehouse receipt accounts for more than 90%, the actual inventory is only 20,000 tons, resulting in a premium of $370, converted into about 2,400 yuan, short-term supply contradictions rapidly expanded, fueling copper prices
.
With the profit taking of bulls, after the market fell into a sharp correction, the market is expected to still fall next week, while the supply side still has a supportive role, inclined to continue to decline after a narrow rebound in the night session, and the operation of the merchants still need to cash out on the high
.
Inventory in the spot market has declined, supply is tight, and holders are strongly willing to hold prices
.
The price of good copper around Shanghai is obvious, but the transaction is limited by the sharp rise in the market, and on Friday, with the correction of the market, the downstream willingness to enter the market picked up
.
Spot copper fell 670 yuan this week, and the premium was high
.
On Friday, the good copper premium remained around
620 yuan.
In terms of import profit and loss, the low inventory of London copper led to a surge in premium premiums, with an import loss of 2,800 yuan / ton on Monday, and the market reported that the domestic plan to export electrolytic copper, with the introduction of restrictions on premium premiums and postponement of delivery measures by the London Copper Exchange, Thursday and Friday gradually stabilized, and the gap is now maintained around
300 yuan / ton.
At present, copper fundamentals are limited by electricity and high prices are inhibiting consumption and other factors, and supply and demand are weak
.
In the first and second half of the economic pattern, the pressure on domestic economic growth was extremely high, and the macro and fundamental instability were difficult to support copper prices to maintain a high level, and the trend momentum was weak
.
At present, the copper market is mainly affected by the surrounding metals and news, and after the impact of the recent news gradually dissipated, or returned to fundamental price guidance, it is expected that next week's Shanghai copper will be weakly volatile, or there will be a small decline to stabilize
.
