SunSirs: Low Inventory, Copper Price Rose Slightly on November 7
November 08 2022 11:02:32 SunSirs (John)
Price trend
As shown in the figure above, the copper price rose slightly on the 7th, with the spot price of 66,433.33 RMB/ton, 2.81% higher than the previous trading day and 5.55% lower than the same period last year.
Analysis review
The US unemployment rate recorded 3.7% in October, higher than the expected 3.6%. The rising expectation of the US economic recession restricted the space for the Federal Reserve to raise interest rates, led the US dollar index to fall sharply, and copper prices rebounded sharply after a long period of pressure.
Supply side disturbances frequently superimpose geopolitical risks, and the new copper mine output since 2022 was lower than expected. The global exchange copper inventory continued to decline. The domestic refined copper inventory was at a historical low level, and it was difficult to see obvious accumulation in a short time. The supply and demand of refined copper was in a tight state. However, domestic downstream consumption is weak, and Russian copper may turn to our country under the rising voice of European ban on imports, and the supply and demand may be slowing down.
Market outlook
In the short term, supported by low inventories, copper prices are expected to rise in shock mainly.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.
- 2024-04-11 SunSirs: The Trading Overview on Nonferrous Metals of Shanghai Futures Exchange on April 10th
- 2024-02-04 SunSirs : Bougainville Copper Mine Skyrocketed Due to a 5-year Extension of Panguna License
- 2024-02-04 SunSirs: This Week, Copper Prices Mainly Experienced Darrow Fluctuations (January 29-February 2)
- 2024-01-22 SunSirs: This Week, Copper Prices Continued to Fluctuate Weakly (January 15-19)
- 2024-01-15 SunSirs: This Week, Copper Prices Were Mainly Experiencing Weak Fluctuations (January 8-12)
