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After returning from the small long holiday, due to the increase of more than 1,000 yuan, the copper market atmosphere fell into a stalemate and tug-of-war, and the market activity was obviously lower than before
the holiday.
Morning market flat water copper began in Pingshui but it is difficult to buy interest, has been expected by the market, some traders take the lead in adjusting the price to discount 20-discount 10 yuan / ton, the market inquiry has picked up, but the willingness to receive goods is still in a state of price pressure, discount 30 yuan / ton to reach the psychological purchase price of traders, but the basic entry into the market is closed in seconds, it is difficult to form a price
jointly recognized by buyers and sellers.
Yesterday, US Treasury yields and the US dollar fell again, which is once again positive
for the non-ferrous metals sector, including copper.
And last week, from the perspective of TC prices, it is still in a continuous downward trend
.
At present, because copper prices are still relatively high, downstream buying is still not very strong, but with the arrival of the consumption season, downstream purchases are expected to gradually begin to recover, and destocking in the second quarter is still a high probability event
.
At present, we can focus on the changes in the market premium, and if the premium continues to rise, it may indicate the start
of a new wave of markets.
In terms of fundamentals, the CSPT team failed to finalize the floor price of copper concentrate processing fees in the second quarter of 2021, indicating that the market may have a certain installment for the future supply of copper concentrate, but it is still difficult to say that it is rich, and on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, and the next peak season destocking is likely to form a strong support for copper prices, temporarily maintaining the long-term bullish judgment of copper prices, but if the destocking in the second quarter is not as expected, The rise in copper prices may be weaker
than previously expected.
