1、 Trend analysis
As shown in the figure above, today’s domestic copper price fell sharply, offering 43520 yuan / ton, down 2.68% from the previous day, down 12.36% year on year.
2、 Market analysis
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Spot copper prices fell sharply today. As oil prices plummeted and public health events hit market risk sentiment, China’s demand recovery was slow, metal inventories hit new highs and copper prices fell. According to the General Administration of customs, China’s foreign trade import and export from January to February 2020 decreased by 9.6% year on year. Copper inventory of Shanghai Futures Exchange increased to 345000 tons, with a cumulative increase of 158.05% in the last seven weeks. Inventory exceeded expectations. However, there is a strong wait-and-see willingness in the downstream, and the overall trading performance is still average.
3、 Future prospects
Based on the above situation, the copper analysts of the non ferrous branch of the business society believe that: inventory accumulation, low consumption, high pressure on copper price, and weak in the short term.
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