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Shanghai copper trended stronger
last week.
The average weekly settlement price of the current monthly contract is 68928 yuan / ton, an average daily increase of 288 yuan / ton; The average price of the previous week was 66634 yuan / ton, up 3.
44%
from the previous week.
London copper was strong
last week.
The average price of LME copper in the first four trading days was 9363 US dollars / ton, up 53.
25 US dollars / ton per day; The average price last week was 9067.
8 US dollars / ton, up 3.
26%
from the previous month.
On the macro front, the Ministry of Industry and Information Technology said that rising commodity prices have an impact on the manufacturing industry, but the impact is generally controllable, and CITIC Securities expects that the momentum of economic fundamentals recovery will continue
in the short term.
The outlook for global economic recovery after the pandemic is more optimistic, with recent positive economic data in the United States and better-than-expected jobless claims data, although the European economic situation remains uncertain and fears of worsening the epidemic have exacerbated market volatility
.
In terms of the market, in the week of April 23, domestic spot copper prices fluctuated to the upside
.
The average price of Yangtze River nonferrous metal net 1# copper was 68750 yuan / ton, up 132 yuan / ton per day, up 0.
96% on a weekly basis; The average price of the previous week was 66630 yuan / ton, up 2120 yuan / ton compared with last week, up 3.
18%
month-on-month.
In terms of stocks, London copper stocks continued to deteriorate last week, with a cumulative decrease of 9,625 metric tons to 155,750 metric tons, a cumulative decrease of 5.
82%.
Shanghai copper inventories fell slightly last week, down 27 tonnes to 202437 tonnes, down 0.
01%.
On the news front, Chile, the world's largest copper producer, has temporarily closed its borders, while election uncertainty in Peru is increasing mining investment risks, and South American copper mine supply continues to be disrupted
.
The global copper supply pattern has not changed, concentrate processing fees are still at a low level, and smelters are facing greater production pressure
.
However, copper scrap imports have increased sharply, and overseas raw material supplies are sufficient, which has an impact
on refined copper consumption.
China's refined copper production rose 18.
2 percent year-on-year to 870,000 mt in March, but hit its lowest monthly output since July last year, compared with a low
base in March, according to the National Bureau of Statistics.
At present, the consumption of the downstream market has not improved significantly, and the poor demand of the cable industry has affected the consumption of copper rods, and the inventory de-localization is not smooth
.
Fundamentals, copper mine supply is tight, processing fees are low, but the impact on refined copper supply is limited; Citi expects a supply gap of 521,000 tonnes in the global copper market this year; peak season consumption is still expected, green investment will drive demand for a long time, and copper prices are expected to fluctuate
at high levels.
