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Copper prices closed higher yesterday night, affected by the decline in production at several mines
.
Although there are media reports of declining production at several mines, the current concentrate and smelting supply remains stable, and spot processing fees continue to increase
.
At present, copper consumption is in the traditional peak season, but the impact of the epidemic on transportation has put pressure
on copper downstream production.
Overall, the market expects infrastructure investment to be better than last year, especially the pull of copper demand from new energy may make up for the decline in real estate and other industries, and support copper prices
in the medium and long term.
It is recommended to pay attention to the domestic epidemic, spot demand, copper downstream starts, inventory and other conditions
.
In terms of the market, yesterday's Shanghai spot premium reported a high and a low trend, roughly stable at 180 yuan, and Foshan's premium without logistics interference has dropped to 30 yuan
.
It is understood that customs clearance has begun to recover, but the pace is still very slow, logistics in the surrounding areas of East China are still not smooth, freight costs are high, and the premium remains at about
400 yuan.
The overall pattern of weak supply and demand remains unchanged
.
However, with the resumption of work and production, the demand for downstream procurement replenishment is strong, and if the price falls slightly, it may stimulate demand
.
In terms of stocks, LME stocks increased by more than 1,000 tonnes to a total of 130,000 tonnes
.
The inflow of Chinese refiners to the LME has accelerated, but due to inventory handling, despite the increase in total inventories, the spot in China and other consumer places is tight, and the overall copper price pressure is not obvious
.
However, yesterday's Shanghai copper spot imports have made a slight profit, and after the import window is opened, you may see a batch of centralized customs clearance, which usually puts a slight pressure
on prices.
However, the import loss in the far month is still too high to stimulate refinery exports, so imports continue to be restricted, and the overall pressure on the country is not large
.
In terms of news, the mine of Southern Copper in Peru was blocked by local residents, and the government declared a state of
emergency.
In addition, a number of large Chilean mining companies announced a sharp year-on-year decline in production in the first quarter
.
Concerns about tight supply have intensified
.
Overall, the economic outlook has weakened, but high inflation has left positive support unchanged
.
The short-term is mainly affected by the domestic epidemic and the expectation of resuming work, and the overall is slightly more
.
The shift of spot goods from domestic to LME Asian warehouses has caused tight available inventories and strong
support for low copper prices.
