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Trade Service
On Wednesday, the main 1805 contract of Shanghai copper was dominated by narrow ranges, closing at 50280 yuan, down 0.
22%.
Copper prices continue to maintain a narrow range of volatility, but due to the large increase in previous inventories, the increase is slightly limited, the short-term market focuses on the Sino-US trade dispute and global manufacturing PMI data, long and short sentiment intertwined, the current rebound should be treated with caution, copper prices have no direction guidance, affected by market sentiment is still repeated
.
In terms of spot, Shanghai electrolytic copper spot traded at 30 yuan / ton - 70 yuan / ton for the current month's contract, the transaction price of flat water copper was 50460 yuan / ton - 50620 yuan / ton, and the transaction price of premium copper was 50480 yuan / ton - 50640 yuan / ton
.
In terms of stocks, COMEX copper stocks 232817 short tons as of April 2; LME copper stocks were 383025 tonnes, down 50 tonnes from 2 April; As of April 4, SSE futures inventories were 138561 tons, an increase of 2,711 tons
from the previous day.
In the industry, in the context of the haze of the trade war, Chilean government copper company Cochilco said that the Sino-US trade war will curb the growth of
copper demand.
Sergio Hernandez, the company's executive vice president, said Monday that rising tariffs could reduce the rate of exports of Chinese products to the North American market, ultimately leading to lower demand for copper by Chinese industry
.
The company also forecasts a global copper shortage of 1.
75 million tonnes
in 2018.
If Chile does not experience a significant labor supply this year, Chile will produce about 5.
7 million tons of copper
.
Macro news, in response to the United States issued a list of tariffs on Chinese products, in order to defend its legitimate rights and interests and safeguard the multilateral trading system, China decided to impose 25% tariffs on 106 commodities in 14 categories such as soybeans, automobiles, and chemicals originating in the United States, and the current bonded and tax reduction policies remain unchanged, and the implementation date will be announced
separately depending on the implementation of US tariffs.
In the short term, the trade war at the macro level continues, temporarily postponing the negative impact on copper prices, the recent fundamentals are good news, which supports copper prices, but the recovery of downstream consumption slowly inhibits the upward momentum of copper prices, and the performance of the plate is slightly weak, it is expected that copper prices will maintain a slow bottoming rebound trend, pay attention to inventory changes, and the evolution of
the trade war.
FYI
.
