SunSirs--China Commodity Data Group

Sign In

Join Now

Contact Us

Home > Copper News > News Detail
Copper News
SunSirs: Boosted by Chinese National Purchasing and Storage, Copper Price Rose 2%
April 28 2020 07:46:48SunSirs(Linda)

1. Trend analysis

As shown in the chart above, spot copper prices on April 27 were 42,968.33 yuan / ton, up 2% from the previous day and down 12.03% year-on-year. The main contract of Shanghai Copper opened higher and reached 42,880 yuan, dropped shockely in the afternoon and closed at 42,490 yuan, an increase of 1.63%.

2. Market analysis

On April 26, the Yunnan Provincial Government carried out commercial collection and storage of key non-ferrous metal products such as copper, aluminum, lead, zinc, tin, germanium, and indium in the province, with a total collection and storage of about 800,000 tons and a storage period of 1 year. The purchase and storage news obviously led to the general rise in the metal market, copper prices also continued to rebound. The world's major mining companies Rio Tinto, Chilean miner Antofagasta cut copper output targets, and MMG Peru copper mines suffered force majeure, Freeport has lowered its copper production estimate for 2020 by 11%. The supply continues to shrink, the supply of copper scrap is insufficient. On the demand side, Europe and the United States plan to restart economic activities, but global economic growth is still facing difficulties, and the metal demand outlook is still worried, which may restrain copper prices.

3. Outlook

Based on the above situation, the copper analysts of SunSirs Nonferrous Branch believe national purchases and reserves boosted copper prices, and copper supply was disrupted which would support copper prices. Domestic demand has rebounded, but exports have been suppressed, copper price is expected to remain strong in the short term.

Related listed companies: Jiangxi Copper (600362), Tongling Nonferrous Metal (000630), Yunnan Copper (000878).

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

Exchange Rate:

8 Industries
Energy
Chemical
Rubber & Plastics
Textile
Non-ferrous Metals
Steel
Building Materials
Agricultural & Sideline Products