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Last week, domestic copper prices bottomed out, and the copper market first bottomed out and then gradually stabilized, of which Shanghai copper opened on Monday once touched a 15-year low, and then quickly rebounded and stabilized, and the main force of Shanghai copper during the week fluctuated around 39,000
.
In the external market, the trend of London copper also fell first and then rose, after Monday's down, the trend rebounded from Tuesday to Thursday, and finally closed at 4815 US dollars / ton, up 115 US dollars, or 2.
45%,
from the previous week.
Overall, copper prices are still in a downward pattern
.
Last week, spot quotations first fell and then rose
.
At the beginning of the week, the market was mainly based on inquiries, receiving fewer goods, and concentrated on trading between 40 yuan and 10 yuan / ton discount; After Tuesday, with the copper price stop falling and stabilize and rise, downstream buyers bargain hunting enthusiasm for replenishment significantly improved, superimposed traders to receive and pay long orders, as well as buy cash sellers, the market concentrated in the discount of 50-discount 20 yuan / ton between the transaction activity has been greatly improved, the weekend market from discount to premium state, the transaction is concentrated between 30 - 80 yuan / ton, the performance has been pushed up, based on the decline in inventory and strong expectations for the future market, the premium may still have room
to rise.
As of March 27, LME copper stocks fell by 4,150 tonnes from the previous week, COMX inventories increased by 3,016 tonnes from the previous week, SHFE inventories fell by 13,207 tonnes, and the world's three major exchange inventories totaled 616,200 tonnes, down 14,340 tonnes from the previous week and up 146726 tonnes
from the same period last year.
Stocks in the bonded zone reported 324,500 tons, down 11,000 tons from the previous week, and the decline in bonded zone inventories was mainly due to the continuous sharp inflow of financing copper trading into China
.
Last week, copper prices at home and abroad have bottomed out, mainly supported by government rescue measures
.
As the new crown epidemic intensifies around the world, new confirmed cases and deaths continue to grow, and countries have begun to implement strict control measures, which has also put greater downward pressure
on the economy.
Against this backdrop, the Federal Reserve's unlimited QE policy and the U.
S.
government's $2 trillion fiscal stimulus have combined to ease panic in the global capital market, and the previous rapid decline has also rebounded
.
Domestic copper inventories began to decline last week, which also means that this downstream production is gradually on track, and the backlog of orders has begun to be produced, which is supportive
of the market in the short term.
However, in foreign countries, because it is in the early stage of the epidemic, it is in the period of home isolation, the downward pressure on consumption is still obvious, and it is unknown when the future demand will recover, according to domestic experience, the overall demand decline in the medium term will be certain
.
Overall, due to the cost of copper prices that have touched the 90th percentile and signs of improvement in domestic consumption in the short term, the market has seen the first wave of rebound, but the overall rebound trend is weak; In the future, under the pressure of declining consumption in the medium and long term, copper prices will remain weak
.
