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SunSirs: Supply is Expected to Increase, China's Copper Price Drops Slightly
March 03 2021 09:36:35SunSirs(Linda)

1. Trend analysis

After the Spring Festival, copper prices soared, rising by more than 70,000 at one time, an increase of more than 11%. After the sharp rise, the price of copper recovered nearly half of the increase. The spot copper price was 66,676.67 yuan/ton, down 1.35% from the previous trading day, up 15.05% from the beginning of the year, and up 49% year-on-year. After the March copper correction, the LME narrowed its decline in late trading. As of the Asian market's close, it closed at $9025.5, an increase of 0.05%. The main Shanghai copper rebounded after a callback of 65,730 yuan and narrowed its decline, closing at 66,780 yuan, a decrease of 0.99%. The main international copper contract closed at 59,530 yuan, a decrease of 1.01%.

U.S. Treasuries and the U.S. dollar strengthened, the market atmosphere was bearish, and metal prices were under pressure. According to the news, it is expected that more copper concentrates will flow in, and a large amount of copper concentrate cargoes from Chile and Peru will arrive at Chinese ports. The number of shipments is expected to increase by more than 60% month-on-month in March. The supply of raw materials for smelters is tight. May be eased, copper prices fell slightly. In the spot market, some traders wait and see, and the downstream purchases on dips with moderate transactions. However, with the recovery of the global economy and the advent of the traditional peak season, the copper price in the market outlook is still bullish, and it is expected that the trend will remain high and fluctuate in the short term.

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

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