SunSirs: Consumption Recovers, Chinese Copper Prices Continue to Rebound
May 12 2020 08:13:45 SunSirs (Linda)
1. Trend analysis
As shown in the chart above, on May 11, spot copper prices were 44,176.67 yuan / ton, up 1.26% from the previous trading day, down 9.9% from the beginning of the year, and down 7.89% year-on-year. The three-month contract of LME copper rose to 5,243.5 US dollars, an increase of 0.48%. The main contract of Shanghai Copper rallied 43,950 yuan in the morning and then fell back to close at 43,500 yuan, a decrease of 0.02%.
2. Market analysis
Recently, the spot copper continued to rebound, and the impact of the COVID-19 on Chile was mainly concentrated in the second quarter. Although the Peruvian mining industry will begin to resume operations, these major copper-producing countries still have difficulties in large-scale recovery of production capacity, and the consumer market is gradually recovering. The relocation of refined copper continued, and wire and cable construction started to maintain a high level. The peak season effect of infrastructure-driven consumption is obvious, and copper prices continue to rise.
3. Outlook
Based on the above situation, SunSirs copper analysts believe that copper supply is affected, downstream demand recovery is good for copper prices, and more attention is paid to overseas resumption of work. It is expected that copper prices will remain volatile and strong.
Related listed companies: Jiangxi Copper (600362), Tongling Nonferrous Metal (000630), Yunnan Copper (000878).
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