国内消费旺季尾声 铜价维持区间震荡

Core Viewpoint - The copper market is experiencing fluctuations in prices and inventory levels, influenced by macroeconomic uncertainties and supply-demand dynamics [4]. Price Summary - On May 9, the spot price for 1 electrolytic copper in Shanghai was quoted at 78,205.00 CNY per ton, with a premium of 755.00 CNY over the futures main price of 77,450.00 CNY per ton [1]. - The national copper price overview shows various market prices for 1 electrolytic copper, with quotes ranging from 78,205 CNY to 78,290 CNY per ton across different trading platforms [2]. Inventory Data - As of May 9, LME copper inventory recorded 191,800 tons, a decrease of 2,500 tons or 1.29% from the previous day. Over the past week, LME copper inventory decreased by 5,525 tons, a reduction of 2.80%, and over the past month, it decreased by 20,200 tons, or 9.51% [3]. - The Shanghai copper futures inventory stood at 80,705 tons, down by 8,602 tons or 9.63% from the previous week, and a total decrease of 102,236 tons or 55.88% over the past month [3]. Market Analysis - According to a report by Industrial Futures, global macroeconomic uncertainties and the joint statement between China and Russia are improving market risk appetite. However, tight supply at the mining level and declining smelting processing fees, along with the end of the domestic consumption peak season, are contributing to a slowdown in inventory reduction. The fluctuations in the US dollar index are causing copper prices to remain within a range [4].