SMM: according to SMM, on the morning of April 8, members of the CSPT team held a meeting in the first quarter of 2020. Due to the impact of the epidemic, the meeting temporarily decided to be held online, and the meeting discussed the copper market in the near future and the second quarter.
Recently, copper raw material end interference, according to SMM, as of Friday, the SMM copper concentrate index (week) at $62.50 / ton, down $2.82 / ton from the previous month. The seller is still worried about the source of the goods in hand, if the second quarter spot contract may expire, there is a risk of non-shipment, so there is little offer in the market, and the spot TC of copper concentrate continues to decline under the pressure of tight supply. On the other hand, the buyer's willingness to inquire in this case is also significantly weakened. Overall, the market was quiet last week, with both sides in a wait-and-see state.
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In terms of copper scrap, the average price difference between fine and waste last week was-34 yuan / ton, narrowing 172 yuan / ton from the previous month. According to SMM, the trade volume of some large copper scrap trading enterprises in March was about 60% lower than in the normal period. In addition, the haze of the epidemic abroad continues, the Malaysian government announced that the action control order will be extended to mid-April, the start of local copper scrap dismantling enterprises and exports will continue to be delayed. Malaysia, as the largest copper importer in China, if unable to export for a long time will aggravate the problem of copper scrap tightening in China. Vietnam, Indonesia and other Southeast Asian countries have tightened their controls one after another, and the specific impact needs to be continuously paid attention to.
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