1. Trend analysis
As shown in the chart above, Chinese copper prices rose slightly last week. The average domestic spot copper price was 43,038.33 yuan / ton at the beginning of the week and 43,625 yuan / ton on the weekend, up 1.36% and down 8.39% year-on-year.
2. Market analysis
LME copper rebounded from a low level in March, and rose to a staged new high of 5,295 US dollars in the end of the week. It closed at 5,280.5 US dollars as the report, a weekly increase of 3.42%. The Shanghai Copper Index opened lower at 42,330 yuan and then fluctuated higher. It closed at 43,520 yuan as the report, an increase of 1.24%.
This week, spot copper prices declined first and then increased. The traders 'willingness to receive goods on the first day of the holiday was good. The downstream just needed to stock up and the trading was good. The import of copper at the end of the week was inflow. The traders' transactions were weak. The overall market is fair. In April, the import volume of unwrought copper and copper increased year-on-year, while Europe and the United States considered starting to unblock the economy. At the end of the week, Chinese and American negotiators spoke on the phone to release good confidence and push copper prices further higher. This week, the stock of London Copper continued to go down, with a cumulative decrease of 7,775 metric tons to 243,700 metric tons, a cumulative decrease of 3.09%.
Based on the above situation, SunSirs non-ferrous analysts believe that domestic production is recovering quickly, downstream demand is seasonally recovering, and the consumer market still has a strong rebound resilience. The continued destocking of copper has strong support for prices. Copper prices are expected to remain volatile and strong in the short term.
Related listed companies: Jiangxi Copper (600362), Tongling Nonferrous Metal (000630), Yunnan Copper (000878).
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