1、 Trend analysis
As shown in the figure above, on the 18th, the spot copper price was 41395 yuan / ton, down 1.62% compared with the previous day’s quotation, down 17.32% year on year. Shanghai copper’s main contracts fell sharply, with a drop of 6.26% to 39960 yuan.
2、 Market analysis
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In the afternoon, the hedge funds under chuanqiao water were redeemed in large quantities after a sharp fall, which caused further panic in the market due to the doubt of liquidity. In the afternoon, the market pessimism rose sharply. Shanghai copper fell to the limit in a straight line, and Luntong also fell below the $5000 threshold. LME copper inventory increased by 40600 tons to 220325 tons. Goldman Sachs lowered its average copper price forecast for the next three months to $4900 from $5900 per ton, while Standard Chartered Bank forecast an average copper price of $5420 per ton in the second quarter. According to the National Bureau of statistics, China’s refined copper output rose 2.8% to 1.527 million tons from a year earlier. Downstream consumption is still weak, and overall market trading is weak.
3、 Future prospects
Based on the above situation, copper analysts of the non ferrous branch of the business society think that: the macro expectation is poor, the inventory is accumulated, and the short-term copper price is still weak.
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