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SunSirs: Inventories Fell, and Chinese Copper Prices Rose Slightly by 1.19%

April 27 2021 09:03:17     SunSirs (Linda)

On the 26th, copper prices rose slightly. Spot copper was quoted at 69,940 yuan/ton, an increase of 1.19% from 69,116.67 yuan/ton on the previous trading day, an increase of 20.68% from the beginning of the year, and a year-on-year increase of 66.03%.

The initial value of the manufacturing industry in Europe and the United States was positive in April, and the London copper closed up more than 1.7% every other week. On the macro front, the dollar index continues to decline, and commodity prices will continue to be supported. In terms of fundamentals, although the demand for refined copper rods has not improved significantly, the inventory has shown signs of peaking, and the market has begun to exert force on the expected transactions in the future peak season, supporting copper prices. In addition, LME copper stocks have recently declined. On April 23, the latest LME copper stocks reported 155,750 tons, a decrease of 3,225 metric tons or 2.07% from the previous trading day. And the decline for seven consecutive trading days, the cumulative decline reached 9.46%; the Shanghai Futures Exchange copper stocks fell slightly last week by 27 tons to 202,437 tons. The short-term copper price is expected to remain volatile and strong.

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

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