Inventory surge, consumption depressed, copper may plummet on March 01
The high yields of U.S. bonds hit market risk appetite. Copper closed down nearly 3.8% in the next week. Copper inventories on the Shanghai Futures Exchange increased sharply. The rise in corporate production costs inhibited the start of consumption. Today, copper materials fell sharply.
[Copper Futures Market] Although the yield of US Treasury has fallen, it is still near the high level of one year, which has hit the market risk appetite. The next week Lun Copper has fallen sharply. The latest closing price is 9,000 US dollars/ton, down 355 US dollars, or 3.79%, and trading volume 31,212 hands increased by 3306 hands, and open positions decreased by 2828 hands from 339,743 hands. On Friday night, Shanghai copper gapped and opened lower. The latest closing price of the main month 2104 contract was 66,920 yuan/ton, down 2230 yuan, or 3.22%.
London Metal Exchange (LME) on February 26, the latest copper inventory in London was reported at 76,225 tons, a decrease of 2,350 metric tons or 2.99% from the previous trading day.
Copper inventories on the Shanghai Futures Exchange surged by 35,170 tons to 147,958 tons last week, an increase of 31.18%, which has risen for the fourth consecutive week. At the same time, the Shanghai Futures Exchange's international copper inventories have increased sharply; the price has risen too fast before, and the production cost of enterprises has risen sharply, inhibiting the start of actual consumption. , The short-term focus is on digesting inventories, and today’s spot copper prices are expected to plummet.
