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Today's copper and aluminum market analysis

Copper Plate

Electrolytic copper:Yesterday, the spot transaction in Shanghai market still performed well, and the spot premium continued to stabilize and rise slightly. The market fell slightly. Traders reported that the supply near the low price flat water was still sold very quickly in the morning, and the transaction of non-registered brands was also relatively good. The holders were less willing to reduce shipments, and basically maintained the quotation around 20~30 yuan/ton. In addition, the Shanghai market destocked again yesterday. Some traders believed that the premium in the future market was still bullish, and the sentiment of supporting prices was relatively strong. Yesterday, the inventory in Shanghai market continued to destock. Consumption has rebounded recently, and there are more warehouses out of the warehouse, and the arrival of goods on weekends has been relatively reduced.

Scrap Copper:Some Qingyuan and Foshan merchants in Guangdong believe that copper prices have bottomed out and the peak season of demand is coming, so they are bullish on copper prices. The previous continuous decline has cleared the inventory and the funds are relatively abundant, so they began to stock up spot goods in large quantities. The raw materials of downstream copper plants have begun to turn to imported scrap copper sources. Some copper plants are currently putting the resumption of production plan on the agenda and quoting to stock up raw materials. In terms of production, in addition to some copper plants continuing to produce normally, some copper plants have stopped production due to raw material inventory and narrowing spreads. Some Qingyuan and Foshan merchants in Guangdong believe that copper prices have bottomed out and the peak season of demand is coming, so they are bullish on copper prices. The previous continuous decline has cleared the inventory and the funds are relatively abundant, so they began to stock up spot goods in large quantities. The raw materials of downstream copper plants have begun to turn to imported scrap copper sources. Some copper plants are currently putting the resumption of production plan on the agenda and quoting to stock up raw materials. In terms of production, in addition to some copper plants continuing to produce normally, some copper plants have stopped production due to raw material inventory and narrowing spreads. Upstream merchants have little inventory, and some inventory is still in a loss-making state, so the mentality of hoarding goods and being reluctant to sell is strong. Traders said that the current spot price is high, and the downstream waste recycling enterprises' quotations failed to meet their psychological price, which made the profit margin of the day's transaction extremely limited, so the market transaction performance was poor in the morning. Some downstream copper plants began to follow the market and tentatively quoted goods to prepare for the subsequent resumption of production. The wait-and-see mood was strong, and they were all waiting for market information after the 15th. The output of copper anode plates increased slightly last week compared with the previous month.