Greece worried about moderating copper prices slightly stronger

As the European Central Bank has begun to replace the Greek government bonds purchased through the emergency bond purchase plan with Greek new bonds, Greece’s hopes of obtaining the second round of aid have increased. The LME copper on Friday narrowed the decline in Asian trading hours, only falling 13 US dollars to 8,371 USdollars/ton on the same day. Shanghai Copper jumped higher and opened within a narrow range today. The main 1205 contract opened at 59,810 yuan/ton and closed at 59,750 yuan/ton throughout the day, up 540 yuan/ton from the previous transaction.

According to Reuters, Greek government officials stated that Greece has reached an agreement with international aid providers on how to reduce the 325 million euro budget this year. This is part of the latest request of the international community to assist Greece. Greece can meet relevant requirements. Received 130 billion euros of new aid to prevent the country from falling into disorderly violations. The U.S. Department of Labor pointed out that in the week ending February 11th, the number of jobless claims fell by 13,000 from the previous quarter, and the total number of seasonally adjusted benefits fell to 348,000. The latter was the lowest since March 2008, when the United States was in the early stages of recession.

On Friday, Shanghai's electrolytic copper spot quoted at a price of 400 yuan/ton to the premium of 300 yuan/ton, the price of flat water copper at 59,150 to 59,350 yuan/ton, and the premium for copper in the premium of 59,200 to 59,400 yuan/ton. Shanghai copper rebounded slightly, but it is still difficult to reverse the market's bearish sentiment. Now copper is still rushing in, holding the goods rallies, and the discounted water is expanding. However, due to the fact that there must be a certain amount of supplemental stocks on the day before, the rebound will rebound. The doubts caused the downstream to wait and see, and the market transaction activity was greatly reduced compared with yesterday.

On Friday night, LME copper stocks decreased by 1,925 tons to 311,125 tons, and 86,525 tons of warehouse receipts were cancelled, accounting for 27.81% of the total inventory. This week, LME copper exhibited a volatile pattern. The price fell below the European debt worries. However, the long lead on Thursday boosted market confidence and the price returned to the previous period. On the fundamentals, domestic consumption is still weak, and the global oversupply situation still exists. The price of copper is unlikely to rise sharply under such a background. Futures prices may continue the current market volatility. It is recommended that wet storage should hold more than one warrant.