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Today's Shanghai copper weak bottom, once bottomed out and stabilized, as of the end of the day closed Shanghai copper main 2107 contract closed at 72160, down 910, down 1.
25%.
Affected by the suppression of confidence in the domestic market and the fact that the fundamental consumption situation has not been completely improved, the recent decline of the Shanghai copper high is mainly due to the weak bottom, and the volatility increases in the process of excessive capital and fundamental prices, and the momentum weakens
.
In the short term, it may still be mainly range-bound, paying attention to the situation around 7.
1-74,000, or there are signs of
bottoming out and stabilizing.
Although some smelters began maintenance in April, some had plans to rush production, refined copper production continued to grow, up 16.
6% year-on-year to 901,000 tons; China's scrap copper imports in April increased by 103.
1% year-on-year, refined copper imports increased by 10.
87% year-on-year, and spot copper prices are expected to fall
.
In terms of supply and demand, Peru's main presidential candidate Pedro intends to follow Chile's example and impose a tiered tax
on copper exports.
When copper prices exceed $4 per pound, the tax rate will reach 75%.
As one of China's most important copper suppliers, if Peru imposes tariffs on copper exports, domestic copper prices will inevitably be affected
.
Chile, another major copper mining country, is currently affected by the general strike, although the scale of production of
the affected companies is uncertain for the time being.
Overall, the supply side is slightly tighter in importers' expectations, and the recent downward correction has broken through the short-term uptrend line of 3 weeks, which can basically be judged that the pullback has begun, but the medium-term upward trend is still solid
.
