As shown in the figure above, copper prices fell within a narrow range this week. As of the end of this week, the spot copper price was 72,716.67 RMB/ton, down 0.77% from 73,278.33 RMB/ton at the beginning of the week, and up 2% year-on-year.
According to the monitoring data of SunSirs, in the past three months, copper prices have risen for 7 weeks and fell for 5 weeks. Recently, copper prices have fluctuated to be strong.
Copper prices recently rebounded from a low level, crude oil continued to rise, and the market's expectations for the Fed to raise interest rates became stronger.
Copper consumption was relatively weak recently, and the downstream was very afraid of high prices and was reluctant to buy goods; the aluminum trade incident was still fermenting, and many large traders were involved in this incident. Spot transactions were very cautious, downstream and traders were worried that there was a problem with the goods they purchased, and there were many sellers and few buyers in the market.
The supply side has begun to loosen. After the epidemic has eased, the dismantling and transportation of scrap copper has improved, and there are many sellers in the market.
Macroscopic long and short staggered, domestic inventories are low, and foreign production is low. In the case of weak consumption, copper prices are in a dilemma, and it is expected that copper prices will remain fluctuating within a narrow range in the short term.
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