Source: accessible information

According to foreign news on May 2, the London Metal Exchange (LME) copper price extended its decline on Thursday, amid fears that the sharp rise in copper prices to a two-year high was based on speculation, while physical demand in China remained weak.

17:00 London time (00:00 Beijing time) on May 2nd, LME copper for three-month delivery fell 1.Fullsizearcademachine.31% or $130 to close at 9765 per tonFullsizearcademachine.50 dollars, down from a two-year high of $10208 hit on Tuesday. "you might ask," said the head of commodity strategy at Saxo Bank.FullsizearcademachineDid we get a head start. "I'm back in the neutral camp now. I tend to take a long-term view, but based on actual demand, we may face the risk of consolidation or even correction.FullsizearcademachineHe cited weak signals from China, the largest consumer of metals, such as the Yangshan copper premium, which reflects China's demand for copper imports, which fell to zero last week from $42.50 a tonne in early April and was last reported at $5.

On April 30, 2024, the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing released the China Purchasing Manager Index. In April, the manufacturing purchasing managers' index, the non-manufacturing business activity index and the composite PMI output index were 50.4%, 51.2% and 51.7% respectively, down 0.4,1.8 and 1.0 percentage points from the previous month. The three major indices continued to remain in the expansion range, and the overall level of economic prosperity in China continued to expand. Hansen said that a fall in prices may have a snowballing effect, leading to a sell-off of the fund. "the big question is whether we will go back to the level where some recent quite aggressive fund buyers are starting to feel nervous," Hansen said. "

Aluminium for LME delivery fell 1.92 per cent to $2528 a tonne. The data showed an increase of 88625 tonnes of aluminium in LME-registered warehouses, which one trader said was related to recent UK and US sanctions on Russian metals. Last month, LME moved to ban traders from taking Russian aluminium from its approved warehouses and returning it at a later date to profit from rules changed to comply with the sanctions.

(compiled by Mandarin Finance and Economics)