1. Trend Analysis
As shown in the chart above, spot copper rose slightly on June 1, with a price of 44,723.33 yuan/ton, up 1.26% from the previous trading day, down 8.79% from the beginning of the year, and down 3.92% year-on-year.
2. Market analysis
In May, China's manufacturing data re-expanded the range. Current views on the recovery of economic expectations have led the market to pick up. At the same time, the market is worried that the outbreak of the South American epidemic will promote the shortage of raw materials in the copper market and support copper prices. At present, the production of domestic enterprises has basically resumed, and the overall demand level in May has remained high. The copper stocks of the last issue have been accelerated for two consecutive weeks, and the stock levels have been lower than the same period last year. The overall demand level remained high in May, and cable demand was the main driving force. Countries have gradually restarted their economies and demand has gradually improved, but macro risks persist and imports of mines and scrap copper have also gradually increased.
In view of the above situation, copper analysts of SunSirs Nonferrous Branch believe that: demand recovery and supply expectations are tight to support copper prices, and copper prices are expected to fluctuate in the short term.
Related listed companies: Jiangxi Copper (600362), Tongling Nonferrous Metal (000630), Yunnan Copper (000878).
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