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SunSirs: Copper Price Rose Slightly by 3.03% (Mar.30-Apr.3)

April 07 2020 08:04:08     SunSirs (Linda)

1. Trend analysis

As shown in the chart above, domestic copper prices rose slightly. The average domestic spot copper price was 38,608.33 yuan / ton at the beginning of the week and 39,778.33 yuan / ton on the weekend, up 3.03% and down 19.15% year-on-year.

2. Market analysis

LME copper fluctuated widely in March. After pulling back at 4,739.5 dollars at the beginning of the week, it surged to 4,930 dollars. After that, it oscillated and closed. At the beginning of the week, the Shanghai copper index rebounded to 38,340 yuan and rebounded, hitting the 40,000 yuan barrier, closing at 39,920 yuan, an increase of 1.76%.

The supply of spot copper is tight, and the spot copper maintains a good premium. The downstream operating rate has risen in the first half of the week. Consumption has picked up slightly. Traders 'transactions have been good. Weekends have a holiday. The traders' transactions before the holiday are cold, and downstream consumption has deteriorated. The holiday is approaching, the market is more cautious about holding goods, basically mainly based on rigid demand, and the actual consumption is mediocre. The increase in domestic infrastructure construction has boosted the demand for metals, but the sluggish overseas demand will inhibit the copper consumption of related companies. The global economic uncertainty is still large, and there is still pressure above the copper price.

3. Outlook

Based on the above situation, SunSirs Nonferrous Branch copper analysts believe that Rio Tinto announced that the US smelter copper contract suffered force majeure. It is expected that there will be more and more stories on the supply side in the future, but the inflection point of the overseas epidemic has not yet appeared, and the risk of economic recession still exists. Copper price is in a low rebound stage, but there is no trend. Copper price is expected to fluctuate at a low level in the short term.

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

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

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