SunSirs: Chinese Spot Copper Fell Slightly by 2.22% on April 22
April 23 2020 07:54:28 SunSirs (Linda)
1. Trend analysis
As shown in the chart above, spot copper fell slightly on April 22, and the current offer price is 41,081.67 yuan / ton, which is 2.22% lower than the previous day and 16.93% lower year-on-year. The main contract of Shanghai copper opened low and went down to 40,350 yuan. It rebounded in the afternoon and narrowed the decline to close at 41,090 yuan, a decrease of 0.84%.
2. Market analysis
Affected by factors such as the severe oversupply of the US oil market, the expiry of contracts and the decision of Texas to decide whether to reduce production, the historic collapse of crude oil dragged down commodities and non-ferrous metals fell. The overseas COVID-19 has led to a decline in export orders, the widening of the scrap price spread, and restrictions on copper prices. The impact of copper production cuts in South America has gradually emerged, and the recovery of production by downstream processing companies has improved demand and supported copper prices. Data show that China's refined copper output in March was 771,000 tons, a year-on-year decrease of 2.5%, the lowest since May last year.
3. Outlook
Based on the above situation, SunSirs Nonferrous Branch copper analysts believe that the increase in the interference rate at the copper mine and the continued destocking of domestic stocks support the current copper price. Uncertainty, it is expected that copper prices will continue to fluctuate 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.
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