The copper busbar manufacturer in Wuxi explains several stock market news items: experts analyze that the copper stock market is still volatile, and the rebound strength is gradually weakening, with prices of most commodities likely to drop sharply.

On Thursday, China released the April CPI and PPI data. The PPI fell by 2.6% year-on-year, which was a larger decline than both the previous value and expectations. This was partly due to a significant drop in commodity prices and also a reflection of domestic overcapacity and insufficient demand. The CPI rose by 2.4% year-on-year, a larger increase than expected, which reduced the market's expectation that the central bank would implement foreign-style interest rate cuts. Yesterday, the central bank resumed issuing central bank bills, mainly targeting RMB carry trades caused by the current large interest rate gap between domestic and foreign rates, as well as large inflows of hot money due to expectations of RMB appreciation. The measure is a relatively long-term approach to control hot money from flowing into markets like real estate. In the U.S., initial and continuing jobless claims for the previous week both declined on Thursday, indicating that the U.S. labor market continues to improve, which pushed the U.S. dollar index up to 82.67 and led to a sharp drop in the euro to around 1.3.

The LME copper market began continuously increasing positions significantly before Labor Day, reaching nearly 300,000 lots at its peak. However, the price increase weakened on Thursday, affected by the rise of the US dollar index and the relatively weak Chinese data. In addition, there are reports claiming that Rio Tinto expects its copper-gold mine in Mongolia to produce copper concentrate in the later period, which would also increase the supply of copper concentrate in the market. Domestically, the spot premium on Shanghai Metals Market has fallen back to 0-90 yuan, and as prices recovered, the premium continued to narrow, indicating that support in the spot market is not very strong. Recently, inventory in Guangdong warehouses has continued to decrease, but the decline is significantly smaller than before, indicating that against the backdrop of substantial prior restocking and recent price increases, downstream purchase remains cautious. On the market front, the main contract for Shanghai copper increased positions by 9,616 lots to 294,684, but the overall recent position changes have not been significant. In terms of chart patterns, Shanghai copper gapped up above the descending trend line but failed to hold above it, eventually closing below the trend line, showing weak upward momentum.

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