-
Categories
-
Pharmaceutical Intermediates
-
Active Pharmaceutical Ingredients
-
Food Additives
- Industrial Coatings
- Agrochemicals
- Dyes and Pigments
- Surfactant
- Flavors and Fragrances
- Chemical Reagents
- Catalyst and Auxiliary
- Natural Products
- Inorganic Chemistry
-
Organic Chemistry
-
Biochemical Engineering
- Analytical Chemistry
-
Cosmetic Ingredient
- Water Treatment Chemical
-
Pharmaceutical Intermediates
Promotion
ECHEMI Mall
Wholesale
Weekly Price
Exhibition
News
-
Trade Service
Recent manufacturing data from China and the United States were poor, with both China's official and Caixin manufacturing PMIs falling short of expectations, indicating that China is also struggling to maintain manufacturing growth momentum.
U.
S.
manufacturing activity slowed more than expected in April as orders fell
sharply.
The European Union lowered global economic growth, cut German GDP growth to 0.
5%, and warned of eurozone risks
.
In addition, the United States has raised tariffs on $200 billion of Chinese exports to the United States from 10% to 25%, and China's Ministry of Commerce said it deeply regretted and had to take necessary countermeasures
.
Macro bearish dominated the market, and copper prices were weak and volatile
overall during the week.
In terms of external trading, the LME market was closed on Monday on the UK bank holiday in early May
.
CCMN data showed that Intran copper was running
weakly.
The average price of LME copper in the first three trading days was 6145.
33 US dollars / ton, down 34 US dollars / ton per day; Last week's average price was $6,300/ton, down 2.
46%
month-on-month.
In terms of the market, Shanghai copper is running
weakly.
The average weekly settlement price of the 1905 contract in the current month was 47892 yuan / ton, down 220 yuan / ton per day; The average price of the previous week was 48,860 yuan / ton, down 1.
98%
from the previous week.
Shanghai copper inventories continued to decline during the week, falling by 17,422 tons to 194208 tons, a decrease of 8.
23%, and a cumulative decline of 25.
71%
in the past six weeks.
In terms of inventories, London copper stocks declined, with a cumulative decrease of 16,800 metric tons to 211475 metric tons, a cumulative decrease of 7.
35%.
Copper Market News:
Australian mining company Aurelia Metals Ltd said it had abandoned talks
to acquire Glencore's CSA copper mine in New South Wales.
Smaller peer Aeris Resources Ltd said last month it could not reach an agreement with Glencore to buy CSA copper for
$575 million.
2.
Nevada Copper announced a series of transactions to finance its 100% owned Pumpkin Hollow copper project, which is expected to close in the
final quarter of this year.
Matthew Gili, CEO of Nevada Copper, said in a press release, "We are pleased to be working with our offtake partners and working capital providers to bring this underground project online
later this year.
”
Looking ahead, the market has always been optimistic about China's domestic demand, which is the main factor
hindering the decline in copper prices in the short term.
CRU Group, a commodity analyst, said that it is expected that there will be a supply gap of 41,000 tons in the global copper market this year, and investment banks such as Citi, Morgan Stanley, and Goldman Sachs all expect a supply gap
in the copper market in the future.
Given the likely improvement in Chinese demand, copper's overall position remains light at present, and there is support below copper prices; Next week, the spot market will enter a delivery cycle, it is difficult to appear discounted for the time being, but the supply and demand performance is difficult to improve, and copper prices are expected to fluctuate
.
