Copper price edged up 3.03% (3.30-4.3) this week

1、 Trend analysis

The domestic copper price rose slightly this week. The average price of domestic spot copper at the beginning of the week was 38608.33 yuan / ton, up 3.03% from 39778.33 yuan / ton at the weekend, down 19.15% year on year.

2、 Market analysis

This week LME March copper wide shock, the beginning of the week back to $4739.5 after a sharp increase of $4930, after the shock run, the deadline reported $4919.5, up 2.13%. At the beginning of this week, the Shanghai copper index rebounded after a correction of 38340 yuan and hit the 40000 yuan barrier, closing at 39920 yuan, up 1.76%.

This week, the spot copper supply is tight, the spot copper keeps a good water rise, the first half of the week, the downstream operating rate has increased, the consumption has slightly recovered, the traders have a good deal, the end of the week is in holiday, the traders have a cool deal before the festival, and the downstream consumption has turned bad. With the holiday approaching, the market is more cautious about holding goods, mainly based on rigid demand, and the actual consumption is flat. The increase of domestic infrastructure construction has boosted the metal demand, but the decline of overseas demand is hard to change, which will restrain the copper consumption of relevant enterprises. The global economy is still uncertain, and there is still pressure above the copper price.

3、 Future prospects

According to the above situation, the copper analyst of nonferrous branch of business society thinks: Rio Tinto announced that the copper contract of us smelter suffered force majeure, and it is expected that there will be more and more stories about the supply side in the future, but the inflection point of overseas epidemic has not yet appeared, and the risk of economic recession still exists. Copper price is in the low rebound stage, but there is no trend. It is expected that copper price will fluctuate mainly in the low position in the short term.