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Overnight, copper prices broke again and the market traded actively
.
The euro fell to parity with the dollar for the first time in nearly two decades, with crude falling more than 7 percent below $100 to a three-month low
.
Watch for China's June trade data and US CPI
.
Shanghai spot premium of 145 yuan, market circulation supply is tight, trading is positive, premium warming up
.
Technically, copper prices broke and paid attention to risk aversion
.
On the macro front, the International Monetary Fund cut its U.
S.
economic growth forecasts for this year and next, raised its unemployment forecast until 2025, and warned that a broad spike in inflation posed a "systemic risk
" to the U.
S.
and global economies.
However, due to the same pessimistic outlook for the euro area, the euro weakened, and the dollar remained strong
.
At the same time, the pessimistic outlook for the economy has also weakened crude oil prices sharply, and copper prices have not been spared
.
On the supply side, according to Mysteel, the activity of the copper concentrate spot market remained stable last week, but the activity of inquiries from both buyers and sellers recovered
slightly.
In addition, the weather in Chile is bad and there are delays
in some ship shipments.
Ganqimaodu, a port in northern China, has been suspended due to the epidemic, but the short-term impact is limited
.
On the other hand, domestic copper concentrate port inventories returned to 983,000 tons last week, up 15,000 tons from the previous week, and are still in a high position, and domestic mine supply is still loose
.
On the consumption side, due to the continuous decline in copper prices, the activity of the spot market is limited, and although copper prices rebounded during the week, the market is generally pessimistic
about the future market expectations.
Coupled with the off-season of consumption, the terminal demand is not good, and the downstream is less willing to take goods this week, so it is mainly
cautious and wait-and-see.
In terms of stocks, LME stocks fell by 0.
14 million tonnes to 131,800 tonnes
.
SHFE stocks rose 0.
06 million mt to 15,600 mt
.
Overall, the current signs of demand recovery are still not obvious, and overseas tightening is expected to continue to suppress overseas demand, so copper prices may still be dominated by weak shocks
.
The Fed's hawkish attitude remains firm, the market's concerns about the future economic outlook have further intensified, the colored sector has also been dragged down and shown lower, the current demand outlook is difficult to say optimistic, the futures plate is temporarily recommended to avoid, and the short-term market sentiment is relatively pessimistic may still be lower
.