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Trade Service
On Tuesday, the main force of Shanghai copper fluctuated to the downside
.
At the end of the day, the main 2207 contract of Shanghai copper closed at 72460, down 280, or 0.
38%.
In the short term, Shanghai copper is expected to still operate in range volatility, with the support level lowered to 72000 and the pressure level unchanged
at 73000.
On the macro front, the World Bank sharply lowered its global growth forecast for this year in its latest Global Economic Prospects report, citing the global economic slowdown exacerbated by the Russia-Ukraine conflict and the recession in many countries
.
The price of non-ferrous metals in the outer disk fell by a large margin, while the internal market was relatively resistant
.
At the same time, the World Bank and the US Fiscal Yerun yesterday again mentioned concerns about the current high level of inflation, which is relatively beneficial
for copper varieties.
On the supply side, recent road jams in Peru have persisted, with protests causing fires
near Southern copper's Los Chancas project and MMG's Las Bambas Chalcobamba pit project.
Las Bambas has been suspended since April 20 due to protests
.
The activity of the domestic copper concentrate spot market has decreased significantly, and the market trading is very light, and the copper concentrate port inventory rose to 1.
038 million tons, up 51,000 tons
from the previous week.
TC prices are limited in price change, currently at $78.
66/mt, and are expected to be gradually digested this week in South American mining disruptions, and TC prices may fall
slightly as refinery overhauls end in June.
However, due to the current high level of copper concentrate port inventory, the supply of the mine end will not be too tight for the time being
.
In terms of consumption, production began to recover in East China with the gradual improvement of Shanghai's unblocking, but due to the approaching Dragon Boat Festival holiday, the willingness to buy goods downstream was not strong, and on-demand replenishment was the mainstay, and the superimposed aluminum ingot financing default event led to market participants being more cautious, affecting trading activity
.
The future market needs to focus on the support effect of national policies and the specific landing situation, and it is expected that the demand side will tend to be slightly better
after the Dragon Boat Festival holiday this week.
In terms of stocks, LME stocks fell by 20,200 tons to 120,800 tons yesterday, a large
decline.
SHFE stocks fell 0.
01 million tonnes to 0.
65 million tonnes
.
Overall, the current market is optimistic about
the improvement of demand.
At the same time, on the macro side, there are doubts about whether the pace of the Fed's interest rate hike will be disrupted, and the inflation level remains high, and the positive feedback of higher crude oil on inflation is becoming more and more obvious
.
Overall, the combination remains positive
for copper prices.
