I. Trend analysis
As shown in the chart above, the domestic copper price fell slightly today. The average domestic spot copper price was 47,245 yuan/ton, down 0.02% from 47,255 yuan/ton in the previous trading day, down 1.9% from the beginning of the year and down 3.13% from the same period last year.
II. Market Analysis
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The pre-closing shock in LME Tongya fell to $5772, or 0.28%. Shanghai copper’s main force fell to 47120 yuan in early morning pressure, an increase of 0.26%. As the world’s economic growth slows down, industrial demand remains depressed and copper prices remain weak. On the market side, downstream consumption is weak, TRADERS’turnover is cool, and the overall market turnover is low.
3. Prospects for the Future Market
In summary, copper analysts from the Nonferrous Branch of the Business Association believe that short-term National Day will affect the shutdown of copper smelters in the north, which will support copper prices below. And in mines, supply has been tight. Copper price rises and falls, the key is to see whether the late demand has warmed up.
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