The supply of goods before the holiday is abundant, and the consumption of copper market is weak

In the spot market, the last two days before the holiday holders concentrated shipments, the market supply is abundant, the market consumption is weak, the activity of the trade market is difficult to increase, the downstream does not have the willingness to replenish a large number of goods before the holiday, still maintain rigid demand, the performance of the holders actively led the reduction of the premium transaction
.

At the economic level, the policy is still in the easing period, and the logic of economic repair and the resumption of work and production in Europe and the United States is also continuing, but the policy margin shows signs of slowing down; On the supply side, under the still severe situation of the epidemic in South America, it is still difficult to make a big improvement in the short term; Specific to the copper industry, from the perspective of smelting, foreign mine reduction, production suspension and logistics impact, domestic smelting has been overhauled
.
The supply of copper scrap may improve marginally, and the refined scrap spread is recovering
.
Downstream demand remains supportive, but orders are showing signs of
weakening.
At the micro level, inventories fell again in the previous period, indicating that short-term demand remains strong
.

With the advent of the off-season, the recovery speed of domestic consumption began to weaken marginally, copper rod consumption declined, and the overall order volume of copper products decreased; However, the disturbance of mine supply is still large, some copper mining projects in Chile have been suspended, labor relations have been tense under the epidemic, and the shortage of raw materials will affect smelter production, and spot copper prices are expected to rise
slightly.