Year1
- 1：
- 8
- 2：
- 12
- 3：
- 16
From the perspective of supply and demand, whether it is downward or upward, there is a lack of reliable logic and release channels. Therefore, from a fundamental point of view, copper prices should mainly fluctuate. However, since the general direction is at the bottoming stage, it is recommended to focus on looking for buying opportunities.
Recently, low copper prices have caused great pressure on some mines in Chile, and Indonesia's export policy is not completely certain, and the potential uncertainty in supply has increased significantly. Therefore, the direct competition between refining companies will be the last round of pressure on copper prices, and it is possible for suppliers to win or lose, thus making the bottoming of copper prices successful.
After Europe’s largest copper smelters lowered their annual cathode copper premiums to their customers, Chile’s National Copper Corporation lowered its annual spot copper premiums in the European market to US$ per ton. According to sources, the copper premium in the Chinese market was approximately US$ per ton. , the actual premium reached is USD/ton.
Last week, refined copper import losses turned into profits and rebounded sharply, which was in line with our expectations. The copper conference has been held in Shanghai this week, and the market is placing its hope on progress in processing fee negotiations. Judging from the current situation, the differences between smelting companies and mines have not been eliminated, so it is still uncertain whether negotiations can be reached. Therefore, the supply tension caused by the negotiations has not been eliminated. In addition, as the import of financed refined copper becomes less and less, how to make up for the share of financed copper imports will be the key, and the pattern of internal strength and external weakness will continue.
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