SunSirs: Copper Prices Edged Up on April 18

Price trend

As shown in the figure above, on the 18th, copper prices rose slightly, and the spot price was 75,541.67 RMB/ton, an increase of 0.65% from the previous day, an increase of 8.02% from the beginning of the year, and a year-on-year increase of 10.23%.

Analysis review

The domestic central bank's RRR cut was good for metals. In the follow-up, the country will introduce more stimulus policies to underpin the economy. The LME market continued to be closed on Friday and Monday, with no market conditions. Shanghai copper closed up 0.44% in volatile trading on Friday night.

At present, demand has entered the traditional peak season, but the impact of the epidemic on transportation has put pressure on downstream copper production. In general, the market expects that infrastructure investment will be better than last year, especially the pull of new energy on copper demand may make up for the decline in real estate and other industries, and support copper prices in the medium and long term. Poor logistics caused social inventory to decline, and some copper companies overhauled or stopped production.

Market outlook

Due to poor logistics, social inventories have declined, and some copper companies have been overhauled or suspended due to weak market supply and demand. It is expected that copper prices will fluctuate within a narrow range in the short term.

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