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Shanghai copper broke through upwards last week, and after standing firm at 40,000 on Monday, it rose sharply on Friday afternoon, hitting the 40,000 first line
.
The number of new arrivals in Europe and the United States slowed down, market sentiment repaired, superimposed on the beginning of the domestic destocking process, the disturbance of overseas ore supply expanded, the macro and fundamentals cooperated, and the rise in copper prices was launched
in advance.
Observe the upward momentum during the week, if the price can break through the 42,000 line, or hit the next platform 44,000, but it should be noted that the worst moment of economic fundamentals has not yet come, copper prices are difficult to rise to the previous high, and the short-term rebound is not a reversal
.
From Friday to Monday, major financial markets in Europe and the United States continued to be closed, and the G20 meeting ended over the weekend, confirming that OPEC+ would cut production by 9.
7 million barrels in May and June, and then reduce production
in a gradient.
The news pushed the crude oil market to continue to rally
.
U.
S
.
shale oil is not involved in the production cut talks, but it has naturally reduced production due to prices, and market participants turn to anticipation of production cuts and post-pandemic demand recovery, and oil prices will recover in the future.
However, in the long run, shale oil does not participate in production reduction negotiations, which means that the cost of shale oil will become an important factor
affecting the upper limit of oil prices.
In terms of the epidemic, the epidemic data of various countries has not improved significantly over the weekend, the number of global infections increased by 100,000 cases a day, and some countries announced the extension of quarantine orders, such as India may extend the quarantine order to the end of April, the epidemic in different countries at different stages of development, for the epidemic control and economic recovery expectations will be repeated
.
Industry News:
Chile's Codelco copper mining company said it may have to slow down its investment plans
.
2.
On April 10, 2020, the fifth batch of copper scrap and aluminum scrap import quota of China Solid Waste Chemical Management Network in 2020 was announced, of which the total approved import volume of copper scrap and scrap was 222,020 tons, and the total approved import volume of aluminum scrap and scrap was 191,100 tons
.
3.
Global mining giant BHP Billiton confirmed on Thursday that two cases
of coronavirus infection were confirmed at its Escondida copper mine in Chile.
It is reported that one of them is an internal staff member and the other is a contract worker
.
At present, all employees who have been exposed to the two infected with the new coronavirus have been quarantined
.
In 2019, Escondida copper production totaled 1,138,600 tons
.
So far, there are still very
few confirmed cases of new crowns in Chile's copper mining areas.
