Core Viewpoint - The copper market is experiencing fluctuations with a slight decline in prices, influenced by macroeconomic factors and changes in supply and demand dynamics [1] Market Performance - On May 15, 2025, the main copper contract opened at 78,900 CNY/ton and closed at 77,870 CNY/ton, a decrease of 1.36% from the previous close [1] - The night session saw the contract open at 78,160 CNY/ton and close at 78,490 CNY/ton, reflecting a slight increase of 0.13% [1] Supply and Demand Dynamics - Domestic supply is expected to increase as the Shanghai Futures Exchange (SHFE) copper warehouse receipts rose by over 20,000 tons to more than 50,000 tons [1] - Peru's copper exports showed a recovery in Q1, with a total export value of 6.62 billion USD, marking a 23% increase year-on-year [1] - The U.S. is projected to export 600,000 tons of scrap copper in 2024, with over half going to China [1] Price and Inventory Trends - The LME warehouse receipts decreased by 4,075 tons to 184,650 tons, while SHFE warehouse receipts increased by 10,466 tons to 60,535 tons [1] - As of May 12, the domestic market's electrolytic copper inventory was 132,000 tons, a change of 8,900 tons from the previous week [1] Strategic Recommendations - The strategy for copper is cautiously bullish, with recommendations to buy on dips for hedging purposes [1] - The market is currently characterized by a backwardation structure, leading to weakened consumption as new orders remain subdued [1]
沪铜：价格震荡 库存变化 谨慎偏多
Sou Hu Cai Jing·2025-05-16 06:23