Trade issues are superimposed on political crises, and copper price fluctuations are intensifying.
the trump administration is unable to win the trade negotiation compromise of the EU. It plans to impose additional tariffs of 25% and 10% on steel and aluminum on the EU after the end of the temporary exemption period. After the news, the sanctioned parties responded. European Commission Chairman Juncker said that the EU will take retaliatory action against the US steel and aluminum tariffs
other sanctioned U.S. trading partners have vowed to retaliate by imposing retaliatory tariffs on steel and aluminum products in the United States, compared with such modified materials, whisky and food. Italy's "anti establishment" political party succeeded in forming a cabinet, but the new finance minister also held Euro skepticism, and the Italian stock market finally fell slightly. Due to the sufficient votes of the opposition, the crisis of the resignation of the Spanish Prime Minister intensified. European and American stock markets ended lower, with weaker risk appetite compared with foreign mines
domestic news is relatively stable. The official manufacturing PMI rose to 51.9% in May, the highest level since October last year. The main thing to note is that the proportion of enterprises that are short of funds has increased for three consecutive months. In terms of basic nylon as an engineering plastic surface, the market is still concerned about the shutdown of smelting in India. From the current reaction, since the capacity after the shutdown can basically be compensated by the new capacity in other regions, the market is not worried about the total amount, but it needs to pay attention to the production capacity
in terms of structure, the destocking rate of refined copper abroad is expected to be faster than that at home. We expect that there will be a wave of hyped mine strikes in June. Historically, Escondida will inevitably strike every time it comes to negotiation. It needs to pay close attention to reach a reasonably high wage increase by asking for a high price and then bargaining. Recently, the impact of the news level is large, and the copper price may shake 8. The swing is intensified in the process of the experiment