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On Thursday, copper prices fluctuated and sorted, the Shanghai copper 1705 contract opened at 47900 in the evening, opened Shanghai copper range consolidation, intraday rushed to the 48200 line after resistance, and then affected by the market, reduced positions to 47500 line range finishing, and finally closed at 47540
when the market stopped.
In the evening, London copper sorted out around the $5880-5920 line, mixed up, intraday London copper fell slightly, rebounded slightly after touching the $5850 line, and finally closed at $5864.
00, down 0.
78%
from the previous session.
Macro: crude oil, dollar shock.
The "small non-farm" in the United States in March far exceeded expectations, hitting a new high
since 2014.
Trump's previous promises of infrastructure plans expected later this year could be accelerated or put on the health care or tax agenda
.
Too many
messages.
In terms of spot: Shanghai electrolytic copper spot contract reported a discount of 70 yuan / ton - flat water, the transaction price of flat water copper was 47500 yuan / ton - 47640 yuan / ton, and the transaction price of premium copper was 47540 yuan / ton - 47680 yuan / ton
。 Shanghai copper rebounded sharply, speculators made profits and shipped, but because middlemen still actively absorb low-priced flat water copper sources, flat water copper discount narrowed significantly, some good copper appeared a small premium quotation, but few market transactions, the overall supply of the market brand diversified, low-price source transactions are active, but near the flat water level transaction is suppressed, the price difference between brands is further narrowed, some sections of Shanghai out of logistics and transportation strict investigation, resulting in some surrounding warehouses out of the warehouse is affected, downstream on-demand goods are mainly, the transaction is dominated by middlemen, Before delivery, the intention of the cargo holder to lift the water is obvious
.
Industry: The market expects copper scrap supply to increase in line with higher prices, but may not be able to fill the shortfall
caused by mine production disruptions.
Pan Pacific Copper, Japan's largest smelter, said on Thursday it planned to produce 235,200 tonnes of copper from April-September (first half of the 2017/18 fiscal year), down 19.
9 percent
from a year earlier.
The message is neutral
.
On the whole, in terms of domestic downstream demand, March and April of each year is the peak season for copper downstream production, and demand is expected to increase, forming a certain support
for copper prices.
In terms of data, focus on the US non-farm payrolls change
in March.
London copper fell slightly at night, the domestic night trading 48000 was blocked to fall, it is expected that the short-term trend is volatile, if the later period can effectively stand 48000 line can be more and more appropriate operations
.