SHFE copper opened lower in the morning, but the decline narrowed, closing down 1.78%. The price center continued to shift downward. Macro headwinds persisted, and although the supply and demand side provided some support for copper prices, the downward trend was inevitable.
Recently, global trade disputes intensified, increasing concerns about global economic growth. Panic sentiment continued to brew, and industrial products extended their sharp decline. SHFE copper remained weak, hitting a new low for the period. Yide Futures noted that trade conflicts were still escalating, and the overnight decline in U.S. stocks dragged down risk assets. Short-term macro impacts on copper prices persisted, with copper prices remaining weak and fluctuating at the bottom. The first half of the week was expected to focus on digesting negative impacts.
Recently, Indonesian copper mines were successfully shipped, but the downward trend in domestic copper concentrate spot TC remained unchanged. The continuous sharp decline in copper prices improved downstream demand, but overall caution prevailed. Spot premiums slightly pulled back today, and social inventory continued to decline by the beginning of the week. Regarding the supply and demand side, Jinrui Futures stated that on the supply side, recycled smelting remained unaffected, and although there were smelting maintenance activities, April's production schedule was still expected to be high. Recent news of reduced smelting overseas suggested that raw materials might flow into the domestic market. On the consumption side, downstream wire and cable enterprises reported moderate orders, and consumption was expected to show resilience after the pullback in copper prices.
