1. Trend analysis
As shown in the figure above, the domestic copper price fell slightly this week. The average price of domestic spot copper at the beginning of the week was 48,751.67RMB/ton, while that at the weekend was 48,625RMB/ton, down 0.26%, up 2.53% year on year.
2. Market analysis
LME copper in March this week rebounded from last week's decline, closing at 6,194 USD, up 0.92%. This week, the Shanghai copper index rebounded from a low of 48,540RMB. It soared 48,930RMB in the middle of the week and finally closed at 48,980RMB. This week, the price rose 120RMB, or 0.25%.
Copper fundamentals have not changed, the downstream has entered a light state before the festival, and spot copper is weak. The willingness of cash exchange of cargo holders increased, domestic passenger vehicle sales kept declining, and consumption improvement in copper market was limited.
3. Future prospects
In view of the above situation, copper analysts of nonferrous branch of business agency believe that copper price is expected to remain high and volatile.
Relevant lwasted enterprwases: Jiangxi Copper Industry (600362), Tongling Nonferrous Metals (000630), Yunnan Copper Industry (000878).
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