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Most of the base metals rose on Friday, and the bearish market sentiment was corrected
to some extent during the night session.
London copper rose to $9,060, forming a narrow range of lows in the past two weeks
.
Shanghai copper inventories maintained a slight increase last week, although it continued to accumulate, but so far the increase in Shanghai copper before and after the Spring Festival is still lower than the same period of previous years, the total inventory of 170,000 tons, also still at the same period of several years, the actual pressure is not large
.
In terms of spot, the spot discount expanded to more than 100 yuan after delivery, and the import loss remained around 400 yuan, but the copper scrap signaled tightening, and the holders below 66,000 were obviously reluctant to sell at a high price
.
In addition, the import of refined copper in January and February was 560,000 tons, a decrease of 9% year-on-year, because the import loss has been maintained at more than 400 yuan since January, it is estimated that the import volume in March and April will not rebound significantly, and the refinery in April and May is overhauled, and the overall supply remains tight
.
On the news, traders reported that concentrate shipments were affected after the Peruvian truck drivers' union went on strike, which could exacerbate transport tensions
that began in January.
Last week, it was reported that the tender price of the April concentrate arrived at a level close to $20, and copper prices were supported by increased concentrate supply
tightness.
However, in the short term, due to the weak price ratio and the extremely low level of Shanghai copper positions, it suggests that terminal buying is still not active, and the price temporarily maintains a narrow range of recent shocks, and the recent support area
below 66000.
