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Trade Service
On May 15, the Belt and Road Forum for International Cooperation concluded in Beijing
.
The industry is optimistic about the substantial progress brought by the "Belt and Road" to the commodity market in the future, which is conducive to infrastructure demand, and then drives the price trend
of non-ferrous metals such as copper and aluminum.
However, the positive impact of the "Belt and Road" is from a long-term perspective, and the copper market is still subject to the upper moving average in the short term, and the shock trend may be difficult to change
.
In terms of the market, after the change of month, the holders actively exchanged cash at the high, the current copper supply is still abundant, the proportion of low-end wet copper supply has increased, highlighting the financial pressure of importers, middlemen due to long-term order demand to enter the market to reduce prices, downstream receiving volume slightly increased, and the overall transaction was general
.
In terms of stocks, the most recent significant increases in copper inventories have occurred in the Asian region, which is expected to be closely related to domestic exports, most of which are processed trade in copper concentrates (exempt from 15% tariff).
Considering that the tight supply of international copper concentrate is still continuing, and China is still essentially a copper-deficient country, the potential for further domestic exports is limited
.
Inventories continued to decline, falling below 200,000 tonnes as of May 12, down more than 120,000 tonnes
from the year's high in mid-March.
COMEX copper inventories have continued to increase since May last year, but since the beginning of May, the upward trend has slowed or even declined
.
Overall, copper inventories on the world's three major exchanges have generally fallen recently, supporting copper prices to stabilize, but the rebound is constrained
by the expectation of US interest rate hikes and balance sheet reduction.
Operationally: the main 1707 contract of Shanghai copper rebounded close to 45500 and continued to fall, and the support of 44000 below, but the rebound was also short-lived, and the 45500 line continued to be short
.
。
