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On Thursday, the main Shanghai copper opened high to the upside, impacting near the pressure level, and the Shanghai copper main 2006 contract closed at 42940 (+370, +0.
87%)
as of the day 。 At present, the copper market is still in the short and long category, refined copper short-term demand and crude oil price fluctuations brought by the recovery of commodity confidence to bring momentum, but it is worth noting that the domestic manufacturing PMI data in April is not good, the industrial weakness is obvious under the spread of the epidemic abroad, the transfer release of domestic refined copper demand may be difficult to have a longer period of boost in the case of unfavorable follow-up industrial orders, and there is still a weak situation in the medium term, and near the May Day Shanghai copper impact high unsuccessful, after the holiday or first decline and then rise
。
Industry News:
Freeport has recently lowered its copper sales outlook, with its expected 15 percent reduction in copper sales in the Americas in 2020, or 400 million pounds, and a review of low-cost mining configurations that will reduce North American copper mining and beneficiation rates by about 20 percent
.
The outlook for gold sales in 2020 has increased from 775,000 ounces to 780,000 ounces, and molybdenum sales are expected to decline from 88,000 pounds to 80,000 pounds
.
By 2020, operating costs are estimated to be reduced by $1.
3 billion, or 18%, and exploration and management costs by 20%, or $100 million
.
President and CEO Richard Adkerson said: "The revised plan aims to have financial liquidity at current copper prices by the end of 2020 actually exceed the liquidity
set out in the previously announced annual plan.
Canadian copper-gold miner First Quantum lowered its 2020 production forecast to 75,000 tonnes of copper and 30,000 ounces of gold, pointing to lower
than expected production at its Cobre Panama mine, which has been temporarily idle due to coronavirus infection among some workers.
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: Shanghai copper volatility picked up last day, but the overall still running below
the 60-day moving average.
The two sessions were determined to convene, the domestic resumption of work continued to advance steadily, refined copper spot premium remained high, refined and scrap copper alternative consumption still existed, demand peak season characteristics are obvious, and the transmission of overseas supply disturbance may appear in May, copper fundamentals short-term strong, in addition, storage and other favorable blessings also helped copper prices
.
The pre-holiday price is expected to remain high and volatile, pay attention to reducing positions to prevent and control risks in the festival
.
