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Copper prices rose first and then repressed last week, and copper prices rebounded at the beginning of the week stimulated by the news of domestic infrastructure investment, but the overseas epidemic continued to spread, and the Federal Reserve urgently cut interest rates by 50bp to respond to the impact of the new crown epidemic on the economy in advance, market sentiment deteriorated rapidly again, risk assets fell again, copper prices weakened
.
However, crude oil fell sharply by the collapse of the OPEC meeting, which further dragged down the overall market sentiment, and risk assets plunged collectively on Monday, dragging copper prices to open lower and weaker
.
As far as the supply and demand of copper itself is concerned, the pressure on the supply side to reduce production due to sulfuric acid expansion has decreased, while downstream starts have also continued to rise, but the copper rod industry has limited recovery due to its slow downstream resumption of work, domestic inventories continue to accumulate, and bonded zone inventories due to the Fed's interest rate cut financing trade increased overseas inventories transferred to China
.
On the whole, Dr.
Copper is currently pricing based on its financial attributes, overseas epidemic due to the lack of effective control means in Western countries there is still a risk of outbreak, the impact of the spread of the epidemic on sentiment, and even actual consumption is still immeasurable, it is expected that copper prices will continue to remain weak under the influence of overseas epidemics, crude oil plunge deterioration and release atmosphere, operationally recommended that short orders in the early stage continue to hold, hedging companies actively sell to
hedge.
Industry News:
Chile's state-run miner Codelco's copper production fell sharply by 6.
8% year-on-year to 118,600 tonnes in January, while BHP Billiton's Escondida copper mine jumped 10% to 100,900 tonnes
, the National Copper Commission of Chile (Cochilco) said on March 9.
Anglo American Resources and Gleneng's Collahuasi copper mine production increased by 20.
2% to 53,500 tonnes
.
2.
On March 7, 2020, the fourth batch of copper scrap and aluminum scrap import quota of China Solid Waste Chemical Management Network in 2020 was announced, of which 3,520 tons of copper scrap and 100 tons of imported aluminum scrap were imported, setting a new low
.
In addition, 170 tons of scrap steel were imported
.
Last day, crude oil prices plummeted, metal market sentiment fell, Shanghai copper main force fell below 44000, overnight overseas markets repaired, London copper back above
5500.
Price operation logic: short-term panic has been reflected on the plate, copper prices fell back to the bottom range since 2017, did not break down, the current position downward elasticity is also very small, last week's short selling strategy recommended take profit exit
.
The expectation of a repair in domestic demand still makes the mid-term copper price still expected to rebound, and a small amount of far-month imaginary call options can be
purchased.
