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SunSirs: Copper Prices Rebounded Slightly on September 6
September 07 2022 09:42:24SunSirs(John)

Price trend

As shown in the figure above, on the 6th, copper prices rebounded slightly, and the spot price was 61,766.67 RMB/ton, up 1.46% from the previous day, down 11.67% from the beginning of the year, and down 11.5% from the same period last year.

Analysis review

Recently, copper prices rebounded slightly. Oil prices continued to strengthen, with London copper closing up 1.62% overnight. The People's Bank of China announced an RRR cut and continued to offer policy support, while falling copper inventories and soaring energy prices limited supply. In August, the domestic high temperature weather led to the shortage of electricity, which affected the copper smelting industry and caused a reduction in production. The newly added production capacity in Hubei has not been ignited, the output of Anhui refineries has been damaged, and the overall production of electrolytic copper in August may be lower than expected. However, after the high temperature eased, the supply recovered, but the global copper dominant inventory continued to be supported at a low level, and downstream consumption was on demand.

Market outlook

Short-term copper prices are suppressed by macro sentiment and supply disturbances. It is expected that copper prices will fluctuate around 60,000 RMB/ton .

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