On the 12th, spot copper was quoted at 58,300 yuan/ton, down 2.02% from the previous day, up 0.6% from the beginning of the year, and up 19.9% year-on-year. LME copper fluctuated up in March, as of the Asian market closed at 7,975 US dollars, an increase of 1.65%. The main force of Shanghai copper rebounded after the opening in the morning, closing at 58,710 yuan, an increase of 0.07%. The main international copper contract closed at 52,220 yuan, an increase of 0.10%.
Negative news about the epidemic has aggravated demand concerns. Lentium copper plummeted overnight and closed nearly 3%. The traditional domestic off-season is approaching, and demand tends to weaken. Inventories may accumulate. The first quarter of the previous year was the accumulation period. The refined copper output in December was significantly higher than the previous month. Increase, large-scale smelting continued to produce high production at the end of the year, traders mainly wait-and-see, downstream purchases on dips, transactions slightly improved. On January 12, the Shanghai Futures Exchange's copper warehouse receipts were 26,019 tons, down 875 tons from the previous day. Copper is expected to be mainly short-term or weak shocks.
Related listed companies: Jiangxi Copper (600362), Tongling Nonferrous Metals (000630), Yunnan Copper (000878).
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