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This week's Shanghai copper high volatility, the price trend before and after the Dragon Boat Festival is not obvious, European countries have restarted their industries, French manufacturing PMI data jumped high and picked up, domestic refined copper stocks in the previous period continued to flow out, international electrolytic copper demand still has space
.
The increase in domestic refined copper and copper production, the disturbance of the main producing countries of copper concentrate brought about the peak of supply and demand to support copper prices, but on the other hand, with the Shanghai copper rushing higher for many consecutive days without success, the procurement speed of spot merchants slowed down, and the market sentiment was obviously reflected in the height, suppressing further gains
.
Before the Dragon Boat Festival holiday, the overall fluctuation range of Shanghai copper was limited, maintaining a high volatility trend, and the overall fluctuation space was still at the upper level
of the shock space.
At present, Shanghai copper is affected by many factors, the supply and demand peak on the fundamental side supports copper prices, the market is still afraid of heights under the impact of the epidemic economy, and the guidance of Shanghai copper prices is aggravated
by the guidance of the news surface under the poor guidance direction.
Among them, the domestic secondary epidemic concerns still exist, the procurement demand of domestic manufacturers in terms of electrolytic copper demand has decreased, although the industry in European countries has gradually restarted, but the overall demand for refined copper is still unknown
.
Domestic electrolytic copper and copper production maintained expansion, copper concentrate major producers Peru and Chile and other countries seriously affected by the epidemic, supply expectations are limited, the continuous expansion of processing demand side supports copper prices, it is worth noting that the main focus of terminal demand is still on the outflow of electrolytic copper stocks in the previous period, domestic industrial medium-term demand is not yet certain, superimposed on the arrival of the traditional demand off-season, copper price uncertainty has increased sharply, or will still maintain a volatile trend
.
In terms of the market, spot copper rose by about 700 yuan this week, the average price of good copper premium before the Dragon Boat Festival remained at 190 yuan, and the willingness of high-rise underwater traders to realize before the holiday increased, but the downstream receiving remained cautious, in the case of the shortage of scrap copper market, downstream manufacturers purchased wet copper substitute willingness increased, wet and flat water and other low-priced sources became the main trading point
.
At present, the high-rise underwater suppression part is trading, but the procurement willingness in the northern region is better
.
In terms of import profit and loss, the pattern of internal strength and external weakness before the Dragon Boat Festival was once again reflected, the overall import profit gradually decreased, the import window tilted and closed, the US dollar index maintained a low volatility trend, and the average import profit and loss price remained at about
100 yuan / ton during the week.
At present, there is still room above 48,000 above Shanghai copper, but the power is not good and has not yet met the conditions for breakthrough, it is necessary to pay attention to the pullback after multiple unsuccessful surges, and there may still be signs of strength in the later stage, it is expected that next week's Shanghai copper shock is mainly strong, and it is necessary to pay attention to the high pullback and short-term break brought by the news
.
