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Shanghai copper extended its
strength last week.
The average weekly settlement price of the 2005 contract in the current month was 43056.
67 yuan / ton, an average daily increase of 406.
67 yuan / ton; The average price of the previous week was 42,645 yuan / ton, up 0.
97%
from the previous month.
In the external market, London copper continued to rise
last week.
The average price of LME copper in the first four trading days was 5201.
25 US dollars / ton, up 43.
75 US dollars / ton per day; Last week's average price was $5186/ton, up 0.
29%
month-on-month.
On the news front, global manufacturing output was hit hard in April, and although China's manufacturing industry continued to improve, industry demand lagged production
.
However, the global epidemic peak in May has passed, and restrictions in various countries have begun to gradually ease; China's foreign trade exports in April were better than market expectations, releasing a positive signal of stabilizing foreign trade, and market sentiment was boosted
.
In the market, domestic spot copper prices continued to rise
in the week of May 8.
The average price of Yangtze River nonferrous metal net 1# copper was 43160 yuan / ton, up 200 yuan / ton per day, and the weekly line rose 1.
39%; The average price of the previous week was 42827.
5 yuan / ton, up 332.
5 yuan / ton compared with last week, up 0.
78%
from the previous week.
In terms of stocks, London copper stocks continued to deteriorate, with a cumulative decrease of 7,775 metric tons to 243,700 metric tons, a cumulative decrease of 3.
09%.
Shanghai copper stocks continued to decline, falling by 26,737 tons to 204219 tons, a decrease of 11.
58%, and a cumulative decline of 46.
27% in the past eight weeks, the lowest level since February this year
.
Copper Market News:
1.
Peruvian mining industry officials revealed that about 22 large mining companies in Peru are ready to gradually resume production in a few days, due to quarantine measures, Peruvian mining activity is only 35-40% of normal levels, and is expected to rise to 80%
within a month.
A spokesman for Freeport-McMoRan Inc said it "plans to reassess" operations at a copper mine in New Mexico that was temporarily closed
due to the coronavirus pandemic.
The company said last month it would cut its budget by $1.
3 billion as copper prices tumbled
as the coronavirus spread.
At present, China's consumer market still has strong resilience to rebound, and downstream demand has picked up
seasonally.
Thanks to the post-epidemic economic recovery, copper imports increased sharply in April, and the data showed that demand increased, coupled with the acceleration of domestic copper inventory, the overall strong fundamentals also supported copper prices
.
Overseas demand will be weak in May, and the Peruvian mining industry will begin to resume operations, which may suppress the upside of copper prices, which is expected to be more volatile
next week.
