SunSirs: Copper Prices Fluctuated and Fell This Week (May 9-13)
May 16 2022 14:32:36 SunSirs (John)
Price trend
As shown in the figure above, copper prices fluctuated and fell this week. As of the end of this week, the spot copper price was 71,206.67 RMB/ton, down 1.33% from the price of 72,163.33 RMB/ton at the beginning of the week, and down 6.2% year-on-year.
Analysis review
According to the monitoring of SunSirs, in the past three months, copper prices rose for 7 weeks and fell for 5 weeks. The overall trend of copper prices has been weak recently.
The U.S. PPI, released overnight, rose 11% year-on-year, slowing but still high. U.S. stocks have plummeted recently, the U.S. dollar index has risen, and the market is still worried about global stagflation.
The domestic manufacturing PMI and export data were lower than expected, indicating that the epidemic dragged down the domestic economy more than expected. Moreover, the current domestic epidemic is still dragging down copper consumption, and the market sentiment is pessimistic.
Since April, LME copper inventory has continued to accumulate, and the current inventory has increased to 175,000 tons. The low global copper inventory has weakened the support for copper prices.
Market outlook
It is expected that copper prices will continue to run weakly.
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