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On Wednesday, Shanghai copper first rose and then suppressed, and the power decay fell after hitting the pressure level, and the main 2006 contract of Shanghai copper closed at 42510 (+210, +0.
5%)
as of the day.
Affected by the recovery of the crude oil market, Shanghai copper once opened high before the impact pressure level, but the decline in crude oil prices and the lack of bullish momentum in the adjacent May Day market returned to the range shock situation, at present, the copper market has converged, and the medium-term sluggish demand has brought expected pressure
.
The Shanghai copper range is mainly oscillating, the main reference range is 4.
2-42,600, and it is recommended to wait and see in
operation.
Industry News:
1.
Ivanhoe announced Monday that underground development of the Kakula mine in the Democratic Republic of Congo is ahead of schedule and said it will start production
on time and on budget by the third quarter of 2021.
The company said in a press release that the mining team is on track to set a new monthly development record of 1.
7 kilometers ahead of schedule, 562 meters
ahead of this month's plan.
According to a Pre-Feasibility Study (PFS) released last year, the Kamoa-Kakula project is expected to peak at more than 700,000 tonnes of copper per annum if successfully put on stream
.
The mining company also announced cost-saving measures that will cut costs by about $75 million, including reductions in spending this year at the Platreef Palladium-Platinum-Nickel-Copper-Gold-Rhodium Project in South Africa and the Kipushi Zinc-Copper-Lead-Germanium Mine in the Democratic Republic of Congo
.
2.
Freeport's El Abra copper mine in Chile said on Monday that it will reduce copper processing by 40 percent, from 110,000 tons per day to 65,000 tons
per day, as global copper prices plummet amid the coronavirus pandemic.
and layoffs, 275 people will be laid off
.
Fundamental changes: 1) domestic destocking continues, and the intensity is large, the seasonal heating up of downstream demand, and the consumption substitution of refined copper to copper scrap aggravates the peak season effect, and overseas inventories have declined, but the strength is small; 2) The weekly TC remains below $60, and the transmission of mine disturbances to the domestic smelting industry is lagging, and the supply disturbances may only appear
in May.
Price operation logic: The 60-day moving average has a large resistance, and Shanghai copper fell slightly on the previous day, and the main contract closed at 42300
.
At present, the downstream is in the peak consumption season, the spot premium continued to rise, the transmission of overseas supply disturbances may appear in May, copper fundamentals are strong in the short term, in addition, the blessing of storage and other favorable blessings also helped to rise copper prices
.
The pre-holiday price is expected to run high, if it can effectively break the long-term moving average, there is still room to rise, and if it cannot break through, it will maintain high volatility
.
