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Copper prices were volatile yesterday, with the G20 pledging to launch a $5 trillion economic plan to address the pandemic's negative
impact on global social, economic and financial impacts.
After the US dollar liquidity crisis eased, the risk of a sharp fall caused by selling was suspended, and the monetary and fiscal stimulus policies of various countries stabilized the market in the short term, but the inflection point of the overseas epidemic has not appeared, the recession of the economy is expected to reprice the market, short-term copper prices are still difficult to have a trend upward, short-term rebound should not chase long, futures unilateral temporary wait-and-see, options consider selling wide straddle strategy short volatility
.
In terms of the market, today's domestic spot copper prices fell slightly, Yangtze River non-ferrous metal network 1# copper price was reported at 38900 yuan / ton, down 40 yuan, 10-70 liters; Guangdong spot 1# copper price was 38890 yuan / ton, down 30 yuan; Yangtze River spot 1# copper price 38980 yuan / ton, down 20 yuan, premium 100-liter 120; Shanghai spot 1# copper price was 38890 yuan / ton, down 70 yuan
.
Industry News:
1.
According to data released by the General Administration of Customs of China, China's imports of copper ore and its concentrate from January to February were 3.
768 million tons, down 1.
2%
year-on-year.
Among them, Chile remains China's largest supplier of copper ore and its concentrates, with exports to China of 1.
284 million tons, down 5%
year-on-year.
2.
In the face of growing coronavirus concerns, the International Lead and Zinc Study Group (ILZSG), the International Copper Research Group (ICSG) and the International Nickel Research Group (INSG) cancelled their April meeting
.
The industry groups, which publish monthly and biannual global metal supply and demand forecasts, said in an emailed response this week that their next meeting is currently scheduled for October in Lisbon
.
3.
After the government urgently called for home isolation, miners in Ecuador temporarily stopped all activities
in the country.
Australia's SolGold is developing the Cascabel copper-gold project, which is believed to be one of the
largest copper-gold porphyry systems ever discovered.
The company said Wednesday it had reduced operations
across the country.
CStone Capital Resources, which holds a 22.
2% direct and indirect stake in Cascabel, also announced the suspension of activities
.
Junior Adventus Mining and Salazar Resources suspended activities
at their Curipamba, Pijili and Santiago projects last week.
Copper prices have rebounded from lows recently, and the supporting factors still come from the macro side
.
The first is the beginning of strict control measures overseas, and the number of new confirmed cases in Italy continues to decline, or it has shown an inflection point; Secondly, both the Federal Reserve and the US government have launched unprecedented stimulus policies, and the market liquidity crisis has eased and confidence has recovered
.
At present, the rebound of copper prices is more from the correction after the previous panic decline, if copper prices want to go further, they need a better recovery in consumption, but at present we have not found obvious phenomena to prove
.
Therefore, copper prices will maintain an oversold rebound pattern in the short term, but the medium-term rebound is far from coming, and cautious investors recommend waiting and seeing
.
