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Copper market morning comment: The main Shanghai copper futures contract fell nearly 1% to below 71,500 yuan per ton on Monday, and continued to fall
after the opening of the night.
On the macro front, the three major bearish factors continued recently: the US ISM manufacturing PMI was less than expected, the IMF lowered its global economic forecast, and the Federal Reserve raised interest rates
in May.
These three factors set the bearish tone for the market as a whole and continue to influence investor sentiment
.
Fundamentally, China's imports of unwrought copper and copper products were 465,330.
3 tonnes in April, down 4%
year-on-year from 484,890 tonnes in April 2021.
It also decreased month-on-month, with imports of 504,009 tonnes
in March.
China's cumulative imports of unwrought copper and copper products from January to April were 1,938,649.
1 tons, a slight increase of 0.
9%
from 1,920,486.
2 tons in the same period last year.
China imported 1.
884 million mt of copper ore and its concentrate in April, down from 1.
92 million mt
in April 2021.
From January to April, China's imports of copper ore and its concentrates were 8.
234 million tons, an increase of 4.
5%
from 7.
878 million tons in the same period in 2021.
The overall import of copper has declined, mainly related to the disturbance at the mine end
.
On the whole, the expectation of macro tightness is being fulfilled, causing prices to fall
sharply in advance.
Strategically it is recommended to continue holding short orders
.
