The hottest nonferrous metals usher in warm spring

Nonferrous Metals usher in a warm spring

according to statistics, Shanghai nickel has increased by about 19% since this round of increase, with the largest increase; Followed by Shanghai copper and Shanghai zinc, with an increase of about 7%; Again, Shanghai aluminum and Shanghai tin increased by 3%-5%. According to the report, the price trend of industrial metals has achieved its best opening performance since 2008

copper rose first, reflecting the metal market this time. Gaskets should be made of red copper or aluminum alloy, mainly driven by macro sentiment. "At the current time point, the marginal easing of domestic liquidity has boosted demand expectations, and the signal that the Fed's interest rate hike cycle has peaked has become increasingly clear. Multiple factors have driven the emotional repair of the nonferrous metals sector, giving priority to copper, which is most sensitive to macro changes. This variety has also been supported by the acceleration of electricity investment, good demand, slowing supply growth, and increased China's concentrate imports due to restrictions on the import of scrap copper. The fundamentals of electrolytic aluminum have been at the bottom, and further deterioration may occur." Not very sexual. In addition, as the upstream coal and alumina prices remain high in the short term, aluminum prices are supported by costs. " Dongyubo and Chenyan, analysts of nonferrous metals industry of CICC, said

from the performance of A-share related sectors, GF Securities Analysts Ju Guoxian and Lou Yonggang said that liangzixi, the mayor of Nanzhuang Town in the industrial metal industry, said that the sector's profits have been rising since the price rebound in 2016, but the early period was suppressed by the market pessimism, and the valuation continued to decline. At present, driven by the historical low metal inventory and the improvement of consumption expectations, the rise in metal prices will continue to improve corporate profits. They believe that the elasticity of industrial metal plates is expected to exceed expectations under this round of "two wheel drive" market

"Dr. copper" is continuously optimistic.

"Dr. copper" has increased significantly recently. Many analysts believe that this variety may continue to be strong in 2019

from the supply side, CICC believes that the growth of global copper mines is slowing down and China's scrap copper imports continue to tighten. The supply change of copper often lags behind the demand. In the big cycle of China's demand growth slowing down in, the global copper mine still maintained a compound annual growth rate of about 5%. It is estimated that the increase of global copper mines in 2019 may be less than 500000 tons. In addition, in 2019, China's seven categories of scrap copper import restrictions were officially implemented, and the six categories of scrap copper imports were converted to "restricted imports", which will support the annual increase of copper concentrate imports by 10% or more

the fundamentals of copper itself are beneficial. Events also occur from time to time. As long as it happens like this. Analysts from CSC said that first, the new mining law led to an increase in tax burden, which prompted Glencore to seek to reduce operating costs through technological transformation. Glencore cut production at the mutanda mine with an annual output of 200000 tons of metallic copper in the Democratic Republic of the Congo, and the output guidance fell by 100000 tons, which also affected other mines in the region. Second, the copper concentrate export license of Freeport Indonesia expired on February 15, and the company's data storage has not yet obtained a new export license. However, due to the transfer of grassberg from open-pit to underground mining within the year, it is expected that the output will be significantly reduced, and the export volume will decline from about 1.2 million tons in 2018 to 200000 tons. Third, in Chile, heavy rainfall at the beginning of the month is expected to damage the output of Chuquicamata and radomiro tomic copper mines under the national copper company of Chile

insiders said that the long-term single processing fee of copper concentrate has recently been reduced, which indicates that the supply and demand side of copper mine may start trading the expectation of tight concentrate supply