Core Viewpoint - The London Metal Exchange (LME) copper prices hit a three-week low due to ongoing uncertainties in the global economic landscape and demand growth [1] Group 1: Copper Market - On May 22, LME three-month copper closed at $9,500.50 per ton, down $33.00 or 0.35%, with an intraday low of $9,223.20 per ton, the lowest since May 1 [1][2] - Increased copper inventories in China ended a three-week decline, putting additional pressure on copper prices, which are affected by weak demand and stable output from the smelting industry [3] - The Freeport Indonesia smelter is expected to resume operations ahead of schedule after a fire in 2024, which will likely increase supply [3] - Investor confidence remains low due to deteriorating U.S. fiscal outlook, with Moody's downgrading the U.S. rating, leading to a "sell America" sentiment [3] Group 2: Other Base Metals - Three-month lead prices fell by $4.00 or 0.20%, closing at $1,970.00 per ton, previously touching a low of $1,947.50 per ton since May 9 [4] - LME registered lead inventories surged by 91% over two days to 234,000 tons, the highest level since December 2024 [5] - The International Lead and Zinc Study Group (ILZSG) forecasts a shift to a lead supply deficit of 6,700 tons by March 2025, compared to a surplus of 17,700 tons in February [5] - In the first three months of 2025, the global lead market is expected to have a surplus of 16,000 tons, down from a surplus of 65,000 tons in the same period last year [6] Group 3: Industry Insights - Alejandro Tapi, head of the Escondida copper mine, emphasized the need for regulatory and legal changes in Chile to promote investment, as Chile is the largest copper producer globally, accounting for nearly one-quarter of global copper supply in 2024 [3]
金属普跌 期铜触及三周低点 因经济和需求不确定性挥之不去【5月22日LME收盘】
Wen Hua Cai Jing·2025-05-23 00:53