1. Trend analysis

On the 16th, spot copper was quoted at 57918.33 yuan/ton, an increase of 0.8% from December 15, an increase of 18.12% from the beginning of the year, and a year-on-year increase of 18.83%. Today, LME copper remained high and fluctuated in March, and the Asian market closed at US$7,797, an increase of 0.19%. The main trend of Shanghai copper showed an upward trend, the highest closing at 58,190 yuan, and the late closing up at 57,850 yuan, an increase of 0.47%. The main international copper contract maintained a high and volatile operation and closed at 51,660 yuan in late trading, an increase of 0.62%.

Data show that in November, China's factory output recorded the fastest growth rate in 20 months, thanks to the recovery of consumer spending and the gradual relaxation of restrictions on the new crown epidemic in major trading partners. China is the world's largest copper consumer, accounting for nearly half of the 24 million tons of global copper consumption. At present, China's fixed asset investment continued to improve in November, and domestic inventories have fallen to a record low in recent years. At present, the global copper inventory (including domestic bonded warehouses) is only 792,000 tons, which is at a low level in the past five years. The low inventory supports the strong copper price. The short-term fluctuations in copper prices are expected to be strong.
Related listed companies: Jiangxi Copper (600362), Tongling Nonferrous Metals (000630), Yunnan Copper (000878).

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