1、 Trend analysis
After the Spring Festival, copper prices soared, once rising by more than 70000, or more than 11%. After the sharp rise, the copper price recovered nearly half of the increase. The spot copper price was 66676.67 yuan / ton, down 1.35% compared with the previous trading day, up 15.05% compared with the beginning of the year, and up 49% compared with the same period last year. LME3 copper closed at US $9025.5, up 0.05%, after a correction. Shanghai copper rebounded and narrowed its decline to close at 66780 yuan, down 0.99%, after the main callback of 65730 yuan. The main international copper contract closed at 59530 yuan, down 1.01%.
U.S. debt and U.S. dollar strengthened, market atmosphere was short, and metal prices were under pressure. According to the news, more copper concentrates are expected to flow in, and a large number of copper concentrates from Chile and Peru will be transported to Chinese ports. The number of copper concentrates is expected to increase by more than 60% month on month in March. The shortage of raw material supply for smelters may be eased, and the copper price will drop slightly. In the spot market, some traders wait and see, and the lower reaches buy at a moderate price, so the transaction is general. However, with the global economic recovery and the advent of the traditional peak season, the copper price in the future is still bullish, and it is expected to maintain a high volatility trend in the short term.
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