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SunSirs: Copper Price Fell Slightly by 0.08% on February 25

February 26 2020 09:09:56     SunSirs (Linda)

1. Trend analysis

As shown in the figure above, domestic copper price fell slightly, offering 45,518.33 RMB/ton, up 0.08% from the previous day, down 8.81% year on year. Shanghai copper main contract rebounded after a correction of 45,670 RMB, closing at 45,950 RMB, up 0.15%.

2. Market analysis

Recent copper price has been in low volatility. The spot copper price continued to fall, traders trading cold, downstream consumption is still weak, the overall market turnover is not ideal. The most direct and important impact of the epidemic on the fundamentals of electrolytic copper is the delay in resumption of work, which is more than 10 days later for most enterprises. The postponement of resumption has limited impact on smelting enterprises, but has a greater impact on downstream copper processing enterprises.

About 42% of the enterprises in the sownstream recovered to 60% - 90% of the normal production level, about 27% to 30% - 60% of the normal production level, and about 26% to 0-30% of the normal production level. In addition, due to the slow recovery of downstream copper enterprises, the cumulative range and time rate of domestic refined copper inventory exceeded expectations.

3. Future prospects

According to the above situation, copper analysts of SunSirs believe that the epidemic has hindered the rebound of copper price, and the whole industry chain is worried, from miners to equipment providers. However, with the control of the epidemic situation, the downstream gradually returned to work, and supported by the reduction of production or maintenance of copper smelters, the short-term copper price shocks are relatively strong.

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

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