SunSirs: Chinese Spot Copper Fell Slightly by 0.11% on April 8
April 09 2020 08:50:27 SunSirs (Linda)
1. Trend analysis
As shown in the chart above, on the 8th, spot copper prices were 40,786.67 yuan / ton, down 0.11% from the previous day, down 16.82% from the beginning of the year, and down 17.33% year-on-year. The main contract of Shanghai Copper started to rebound after opening lower today. It touched 41,020 yuan after the session and fell back to close at 40,810 yuan, an increase of 0.52%.
2. Market analysis
The downstream consumption was mediocre, the transactions were mainly traders' turnover, and the decrease in circulating supply continued to support the premium. The recent low rebound in copper prices is mainly due to the continued disturbance of overseas mine supply. Many overseas smelting producers are expected to reduce supply. Many mines in Africa and Latin America have suspended operations. The current reduction of domestic copper exchange warehouses has supported copper prices. However, global risk appetite is weak, and it is difficult for copper demand to improve significantly.
3. Future market outlook
Based on the above situation, copper analysts at SunSirs Nonferrous Branch believe that under the situation of weak supply and demand, it is difficult for short-term copper prices to rise significantly.
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.
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