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Copper prices were supported higher in the short term as a new strike was brewed in Peru
.
On Friday, London copper fluctuated higher, closing up 0.
80%.
In terms of stocks, LME copper stocks were 354,650 tons, an increase of 36,800 tons; On the 5th, the copper warehouse order in the previous period was 78,033 tons, a decrease of 5,327 tons
.
On the macro front, the domestic capital market continued to tighten, and bank overnight lending continued to reach new highs
.
Although the domestic stock market index is stable, individual stocks have fallen sharply, and the commodity market continues to plummet
.
The Fed's May meeting was hawkish, and market expectations for a rate hike in June increased
sharply.
Data released on Friday showed that the US non-farm payrolls increased by 211,000 in April, and the unemployment rate was 4.
4%, which is better and supports the Fed's expectation
of raising interest rates.
In terms of the market, with the inversion of inventory in the two markets and the increasing momentum, the supply of goods in the spot market tends to be loose, with the weakening of copper prices, the willingness of holders to ship at a high price is strong, but downstream users purchase low-priced sources at low prices, supply and demand sides are deadlocked on the issue of premium, downstream bargain absorption sources have increased slightly, domestic continuous digestion of inventory, it is difficult to maintain the premium, and the overall trading has not improved
.
In terms of stocks, LME data shows that the latest increase in stocks on the London copper exchange is 53,952 tons, and it is rumored that the increase reached 80,000 tons this week, and the stock of London copper has increased
sharply in recent days.
On the supply side, Peruvian miners voted on Friday to hold a nationwide strike in June to protest government proposals that endanger labor rights; Thousands of workers at the Indonesian branch of the American Freeport McMorun Copper and Gold Mining Company rallied to protest the dismissal of miners due to a contract dispute with the government; Chile's Collahuasi copper miners and their counterparts issued a joint statement on Friday saying they had reached a new agreement
.
Overall, upstream supply concerns linger, while demand is difficult to say optimistic, waiting for copper prices to be clear
.
