Antaike Market Review (05.01-05.08)

  The price of magnesium rose.

  Domestic factory offer basic in 13300-13600 yuan/ton (including tax, cash, no pickling), FOB basic in 1980-2000 dollars/ton.

  After the holiday, there was a slight rebound in the magnesium market. After the holiday, the highway toll began to be collected, and the downstream users in order to avoid the increase in transportation costs, there was a reserve purchase market before the holiday, and some enterprises in the main producing areas were in the maintenance state. The spot market was not much, and the sudden increase in demand prompted the price of magnesium to rise. Only when the global economy ****** recovers, ****** trade tends to be normal, processing enterprises operate normally, and orthogonal volume increases steadily, the magnesium market may really turn for the better. It is expected that the market will be mainly weak until the end of June.

  For the short-term trend of magnesium price, the current magnesium price to see more stable views.

  Bank of China spot buying rate today (May 8) - US $706.02. It's 764.95 euros.

  Copper and aluminum prices:

  London - London Metal Exchange copper futures rose for a fourth straight session on Thursday as data from top consumer China showed rising imports and a surprise jump in overall exports, pointing to a rebound in the world's second-largest economy.

  At 17:00 London time on May 7 (00:00 Beijing time on May 8), three-month copper on the LME hit an intraday high of $5,295 a ton, the highest since March 17 ******. Copper futures rose 1.5 percent to $5,274 a tonne. China, which accounts for about half of copper consumption, is restarting its economy after the coronavirus pandemic disrupted much of its economic activity.

  Timothy Wood-Dow, capital markets analyst at Mandco Bank, said: "We believe China will provide upside support for various metals for the rest of the year. He added that this was because China relied on demand support rather than supply constraints for its economic recovery. "However, it is unclear whether this will be enough to offset the decline in the rest of the world."

  The premium for copper at China's Yangshan Bonded warehouse surged to $105, ****** levels last seen in November 2018. The premium is a measure of how much extra buyers are willing to pay over and above the LME copper price for spot delivery.

  China's exports rose in April for the first time this year, but total imports fell by double digits, suggesting more problems ahead as the global economy sinks into recession. China's imports of unwrought copper and copper rose 4.3 per cent in April from the previous month, helped by a post-coronavirus economic recovery and positive prices, according to calculations based on customs data released on Thursday.

  China's General Administration of Customs said imports of unwrought copper and copper materials in the January-April period rose 10.4% from a year earlier to 1.748 million tons, with the average import price falling 4.7% to 43,000 yuan per ton.

  Research house Anta ike said on Thursday that China's refined tin output fell 10.7 percent in April from the previous month due to insufficient imports of tin concentrate and production cuts at a smelter in southwest China. Futures hit a near five-week high in intraday trading, buoyed by programme-driven speculative fund buying.

  Zinc for three-month delivery on the LME rose 1.1 percent to $2, 003.5 a tonne. Aluminium for delivery in three months rose 0.5 per cent to $1,485.00 a tonne. Three-month lead rose 1% to $1,644 a tonne. Tin for three-month delivery was steady at $15,225 a tonne.

  On May 7, the Shanghai Futures Exchange (SHFE) three-month aluminum closed at 12,460 yuan/ton, down 125 yuan/ton from the previous trade. On the London Futures Exchange, aluminum MAL3 for delivery in three months settled at $1,485.00 a metric ton from Tuesday's close of $1,484.50.

  SHFE copper for three-month delivery ended the day at 42,970 / ton, up 400 yuan from the previous close. Copper for delivery in three months on the London Metal Exchange closed at $5,274.00 a tonne from $5,158.00 on Tuesday.