-
Categories
-
Pharmaceutical Intermediates
-
Active Pharmaceutical Ingredients
-
Food Additives
- Industrial Coatings
- Agrochemicals
- Dyes and Pigments
- Surfactant
- Flavors and Fragrances
- Chemical Reagents
- Catalyst and Auxiliary
- Natural Products
- Inorganic Chemistry
-
Organic Chemistry
-
Biochemical Engineering
- Analytical Chemistry
- Cosmetic Ingredient
-
Pharmaceutical Intermediates
Promotion
ECHEMI Mall
Wholesale
Weekly Price
Exhibition
News
-
Trade Service
Shanghai copper opened higher today, running strongly during the day, closing up 0.
93%, and futures prices rose to near
a one-month high.
The atmosphere in the futures market is warm, the disturbance at the mine end has increased, and the center of gravity of Shanghai copper has moved
upward.
Recently the global copper mine disturbance has increased, and the domestic copper smelter has been overhauled centrally, and the pressure on the supply side is not large
.
On the mine side, local protests in Peru have escalated, two fires have broken out in major copper mine projects, and the Chilean government has launched sanctions procedures against the OS Pelambres copper mine, global copper mine supply disruptions have been strengthened, and copper concentrate spot processing fees TC has risen weakly
.
In terms of inventories, the weekly copper inventory in the previous period did not continue to degrade, and as of last Friday, it accumulated slightly, but the extent was very limited
.
LME copper inventories also continued to decline for two consecutive weeks, with inventory levels falling to a more than one-month low
.
Domestic and foreign inventories have declined, and domestic spot premiums remain high, supporting short-term prices
.
In terms of the market, today's spot market traded averagely, with premium down 15 yuan/ton
from the previous trading day.
Copper prices opened sharply to curb downstream consumption, and intraday spot premiums showed a downward trend
.
The mainstream of flat water copper rose to 230 yuan, and the mainstream of good copper rose to 250 yuan, and the supply of wet and poor copper was scarce
.
On the macro front, US non-farm payrolls increased by 390,000 in May, beating expectations of 320,000, and the non-farm payrolls unemployment rate in May was 3.
6%, unchanged from the previous value in April
.
The May non-farm payrolls report showed that the US economy has not cooled enough to allow inflation to fall back towards the Fed's target
.
During the holiday, Comex copper once rebounded sharply to a more than one-month high, which gave a certain boost
to the trend of Shanghai copper.
Yide Futures said that European sanctions against Russia will make crude oil stronger, coupled with strong US non-farm payrolls data, the market may open the pricing of the Fed's hawks at any time, the US dollar index stabilizes, and the US bond interest rate rises; Interest rate hikes + balance sheet reduction will still suppress copper prices
.
The manufacturing industry in Europe and the United States does not change the downward trend, and global economic growth is still facing downward pressure; However, the domestic policy continues to introduce a series of stable growth and promotion fees to support the market is getting rid of the impact of the epidemic to ease the downward pressure on the domestic economy, especially focusing on infrastructure policies and automobile consumption stimulus policies, so domestic policies still have optimistic expectations, and copper inventories are low to support prices, copper or slightly rising
.
