May 22 Copper Market Morning Review

On Thursday night, most foreign non-ferrous metals fell, domestic night trading fluctuated, and the Shanghai copper futures 2007 contract was reported at 43890 yuan / ton, down 0.
70%.

In terms of the market, spot prices also continued to rise, breaking through 44,500 yuan / ton, copper scrap continued to be tight, prices also rose slightly, TC remained unchanged, Yangshan copper premium fell slightly, and the position and trading volume increased
greatly.
The fundamentals have not changed much, the mine end continues to be tight, the smelter production limit is basically determined, domestic and foreign inventories have decreased slightly, this week the bonded zone inventory has fallen slightly, imports maintain losses, the Shanghai ratio has declined, and scrap copper stocks have declined
.

Macro, basically remained stable, copper prices in the recent stage of fluctuations are mainly affected by the epidemic, this week copper prices exceeded 44150 yuan / ton, as the European and American economic restart after the recovery prospects driven market optimism, crude oil, European and American stock markets have risen
sharply.
So far, all 50 states in the United States have reopened their economies
to varying degrees.