1、 Trend analysis
As shown in the figure above, on April 27, the spot copper price was 42968.33 yuan / ton, up 2% from the previous day, down 12.03% year on year. Shanghai copper’s main contract opened high to 42880 yuan, and fell to 42490 yuan in the afternoon, up 1.63%.
2、 Market analysis
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On April 26, Yunnan provincial government conducted commercial storage of copper, aluminum, lead, zinc, tin, germanium, indium and other key non-ferrous metal products in the province, with a total storage capacity of about 800000 tons and a storage period of one year. The news of storage and collection obviously led to the general rise of the metal market, and copper prices continued to rebound. Rio Tinto, one of the world’s major mining enterprises, and Antofagasta, a Chilean miner, lowered their copper production targets, and MMG Peru copper mine encountered force majeure. Freeport lowered its copper production forecast by 11% in 2020. The supply of ore end is still shrinking, and the supply of scrap copper is also insufficient. On the demand side, Europe and the United States plan to restart economic activities, but global economic growth is still facing difficulties, and there are still concerns about the outlook for metal demand, which may inhibit copper prices.
3、 Future prospects
Based on the above situation, copper analysts of nonferrous branch of business cooperation believe that: the state’s collection of reserves has boosted copper prices, the interference of copper supply has supported copper prices, domestic demand has rebounded, but exports have been restrained, and copper prices are expected to remain volatile in the short term.
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