Copper price rose 0.14% on November 4

I. trend analysis

As shown in the figure above, today’s domestic copper price rose slightly, with a quotation of 47035 yuan / ton, up 0.13% from the previous day, down 2.34% from the beginning of the year, and down 4.41% year on year.

II. Market analysis

In recent years, copper prices have fluctuated in a narrow range. Basically, the supply is tight. From the perspective of China’s crude copper import source countries, Zambia and Chile account for nearly 80% of the total imports. The change of imported crude copper is mostly related to the supply of crude copper in these two countries. From January to August this year, the crude copper import from Chile fell to 78000 tons from 156000 tons last year; the crude copper import from Zambia fell to 302000 tons from 326000 tons last year. The demand is weak, the proportion of construction copper is easy to be underestimated by the market, and there is a demand for catching up in the fourth quarter of grid investment, but from the perspective of grid bidding, there is no obvious increase in the fourth quarter. In addition, it is difficult to improve the consumption of automobiles and air conditioners in the fourth quarter.

III. future prospects

Based on the above situation, copper analysts from nonferrous branch of business agency believe that: the non-agricultural data in the United States is better than expected and the Sino US trade negotiations are smooth, boosting the market. However, the supply and demand of copper market are weak, and copper price is expected to maintain a volatile trend.