SHFE Base Metals Warrants (2017-10-18)

[SMM Actualités sur les billettes de laiton] Cette semaine (24-30 avril), le taux d'utilisation de l'industrie des billettes de laiton s'est établi à 52,56 %, en baisse de 0,35 point de pourcentage en glissement hebdomadaire. Les prix du cuivre ont continué de fluctuer à des niveaux élevés, et la production des entreprises reposait principalement sur les commandes en carnet, tandis que les nouvelles commandes ont continué de faiblir.

[SMM Shanghai Spot Copper] Looking ahead to the post-holiday period, demand side, enterprises are still primarily making just-in-time procurement, and demand is unlikely to see significant increases after the holiday. In addition, some downstream processing enterprises prefer to purchase directly from smelters to ensure bill compliance, diverting some spot demand from the trading market. Supply side, first, diesel shortages in Africa have hindered transportation and logistics, delaying the pace of imported cargo arrivals at ports, resulting in tight imported copper supply in the short term; second, according to SMM, five smelters in China are expected to enter maintenance in May, which will also reduce domestic spot copper circulation. Overall, against the backdrop of tightened spot circulation caused by hindered imports and domestic maintenance, suppliers have a strong willingness to hold prices firm, and Shanghai spot copper premiums are expected to hold up well after the holiday.