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Copper prices have recently ended in volatility, mainly due to a number of domestic economic stimulus measures, coupled with Shanghai's announcement of a phased return to normal life order, the overall performance of the domestic market is stable and positive, due to the fall of the US dollar high, London copper rose stronger than Shanghai copper
.
On the macro front, Fed Chairman Powell reiterated last week that the Fed may continue to raise interest rates by 50 basis points in the future, and emphasized the determination
to continue to raise interest rates to suppress high inflation.
In the absence of more aggressive action signals, the dollar retreated from its highs, and the bearish impact of overseas markets weakened
significantly.
In terms of stocks, LME stocks fell by nearly 6,000 tons, the total inventory fell to 162,000 tons, and the cancellation of warehouse receipts fell simultaneously, and there are still 68,000 tons
.
However, the spot discount is $7, and spot demand has weakened due to the recent increase in Chinese imports, and futures imports have fallen
into losses.
In the extremely low case of China's stocks of only 50,000 tons, import demand will be maintained, and the downward momentum of LME stocks will remain unchanged
.
In terms of the market, the copper spot premium remained at 400 yuan, the import loss also narrowed significantly, the spot reappeared the import profit, the scrap copper fell due to the shortage of raw materials, the production of low-oxygen rod manufacturers was not profitable and the production was reduced, the existing order delivery cycle also became longer, and the substitution effect of refined copper on scrap copper continued
.
Downstream consumption performance is differentiated, East China is in the recovery period, orders have improved significantly, orders in other regions remain weak, overall demand is still weaker than in previous years, generally based on bargain hunting, and overall confidence is still weak
.
However, with the gradual recovery of consumption, domestic and bonded inventories continued to decline by about 10,000 tons, and overall copper prices fell slightly, and the structure of Shanghai copper prices became significantly stronger, and the support of low inventories to absolute prices was repeatedly reflected
.
At present, overseas expectations of recession and interest rate hikes are repeated, but the domestic focus is on the gradual implementation and effectiveness of economic restart and stable growth measures, and the phased rebound is expected to be strong.
Today 72000-71300
.