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SunSirs: Positive Factors are Weakened, Chinese Copper Rose Slightly by 0.13% on June 15
June 16 2020 08:37:25SunSirs(Linda)

1. Trend analysis


As shown in the chart above, on June 15th, spot copper prices were 46,891.67 yuan/ton, up 0.13% from June 14th, down 4.37% from the beginning of the year, and up 0.94% year-on-year. The LME copper March contract was weakened under pressure, and it closed at US$5689.5 in Asian market, a decrease of 1.56%. Shanghai Copper's main contract opened quickly, and rebounded again after noon. It weakened again and closed at 46,280 yuan, a decrease of 1.20%.

2. Market analysis

The Chilean National Copper Council (Cochileo) predicts that global demand for copper will drop by 417,000 tons in 2020 and 537,000 tons next year. According to statistics, by the end of the year, approximately 27.5% of copper mines worldwide will be affected, with Peru, Chile and Panama having the greatest impact. At present, most overseas mines have resumed production, the spread of refined waste is expanding, the decline in inventories is slowing down, the demand side may be seasonally weakened, and the resistance factors of copper prices are gradually showing. However, the resumption of production in Europe and the United States continues, and it is difficult for the supply side to make a big difference, which supports copper prices.

3. Outlook

Based on the above situation, copper analysts at SunSirs Nonferrous Branch believe that the favorable factors of copper prices have been weakened, supply has increased, and demand has weakened. It is expected that copper prices will be weak in the short term.

Related listed companies: Jiangxi Copper (600362), Tongling Nonferrous Metal (000630), Yunnan Copper (000878).

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