SunSirs: Copper Price increased 0.14% on November 4

1. Prices Trend

The domestic copper price rose slightly, with a quotation of 47,035RMB/t, 0.13% higher than that of the previous day, 2.34% lower than that of the beginning of the year, and 4.41% lower year on year.

2. Market Analysis

Recently, copper prices have fluctuated in a narrow range. Basically, the supply is tight. From the perspective of China's crude copper import source countries, Zambia and Chile account for nearly 80% of the total imports. The change of imported crude copper is mostly related to the supply of crude copper in these two countries. From January to August this year, the crude copper import from Chile fell from 156000 tons (last year) to 78000 tons; the crude copper import from Zambia fell from 326,000 (last year) tons to 3020,00 tons. The demand is weak, the proportion of construction copper is easy to be underestimated by the market, and there is a demand for catching up in the fourth quarter of grid investment, but from the perspective of grid bidding, there is no obvious increase in the fourth quarter. In addition, it is difficult to improve the consumption of automobiles and air conditioners in the fourth quarter.

3. Prospects for the Future Market

Based on the above situation, copper analysts fromSunsirs believes that the non-agricultural data in the United States is better than expected and the Sino US trade negotiations are smooth, both of which boost the market. However, the supply and demand of copper market are weak, and copper price is expected to maintain a volatile trend.

Relevant listed enterprises: Jiangxi Copper Industry (600362), Tongling Nonferrous Metals (000630), Yunnan Copper Industry (000878).

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