SunSirs: Shanghai Copper Price Plunged 12.36% Year-on-Year on March 9
March 10 2020 08:22:31 SunSirs (Linda)
1. Trend analysis
As shown in the figure above, the domestic copper price fell sharply, offering 43,520 RMB/ton, down 2.68% from 8th, down 12.36% year on year.
2. Market analysis
Spot copper prices plunged. As oil prices plummeted and public health events hit market risk sentiment, China's demand recovery was slow, metal inventories hit new highs and copper prices fell. According to the General Administration of customs, China's foreign trade import and export from January to February 2020 decreased by 9.6% year on year. Copper inventory of Shanghai Futures Exchange increased to 345,000 tons, with a cumulative increase of 158.05% in the last seven weeks. Inventory exceeded expectations. However, there is a strong wait-and-see willingness in the downstream, and the overall trading performance is still average.
3. Future prospects
Based on the above situation, the copper analysts of the non ferrous branch of SunSirs believe that inventory accumulation, low consumption, high pressure on copper price, and weak in the short term would be the recent trend.
Related listed companies: Jiangxi copper (600362), Tongling Nonferrous (000630), Yunnan Copper (000878).
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