The import reduction of the hottest scrap copper i

2022-08-15
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The reduction of scrap copper imports is expected to exacerbate the volatility of copper prices, which may rise

on May 4, the two-day Sino US trade negotiations ended in Beijing. At this meeting, the two sides did not sign any agreement to make the whole experimental process more smooth, indicating that there are still major differences between the two sides on some issues. On May 6, us time, the US delegation will report the details of the talks to trump. At present, the macro is still in a state of dark clouds. On the one hand, the economic data of China and Europe are weak, and the United States is stronger than other economies, pushing up the dollar; On the other hand, the tension in the Sino US trade war has not subsided, and it is not ruled out that the conflict may continue to escalate. Overall, the macro pattern is not conducive to the rise of commodity prices

recently, the General Administration of Customs issued a notice, deciding to strengthen supervision over the import of waste raw materials from the United States, implement 100% unpacking and offloading inspection and Quarantine from May 4, and strengthen the examination of import documents. At the same time, the North American branch of China Inspection and Certification Group will implement a one month class a risk warning, during which it will no longer undertake the inspection of waste raw materials before import and shipment. The United States is one of the main sources of China's scrap copper imports. In 2017, 535000 physical tons of scrap copper were imported from the United States in the field of new material technology under the 863 program, accounting for about 15% of the total imports. It is expected that this action will have a certain impact on the scrap copper import data in May

after the holiday, the downstream demand was weak, and there was no large-scale replenishment. On the whole, the wait-and-see mentality continued, and the supply and demand showed a stalemate. With the centralized arrival of smelters, the stock of the exchange unexpectedly increased by about 15000 tons, which also put pressure on the copper price. Although the customs strengthened the supervision intensity on the import of waste materials from the United States, the expectation of reducing the history of scrap copper import impact testing machine was further strengthened. However, the general domestic downstream consumption and the gloomy macro outlook make it difficult for copper prices to rise unilaterally and continuously. On the one hand, it is difficult to estimate what action the US side will take in the future. On the other hand, it is impossible to predict the sensitivity of the market to the latest customs policies. It is expected that copper prices will fluctuate fiercely this week, with the main fluctuation of Shanghai copper at yuan/ton

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