SunSirs: Copper Prices Fell Slightly on November 15
November 16 2022 11:39:17 SunSirs (John)
Price trend
As shown in the figure above, the copper price fell slightly on the 15th, with the spot price of 67,263.33 RMB/ton, 0.62% lower than the previous trading day and 5.97% lower than the same period last year.
Analysis review
Recently, the US Federal Reserve's expectation of interest rate increase slowed down, the domestic real estate expected to improve, and the epidemic prevention and control optimization led the rebound. After the good news was gradually digested, the transaction would return to the fundamentals.
Fundamentals, supply: supply of copper concentrate was loose and TC continued to increase. The new production capacity of refined copper in China had been put into operation, but under the disturbance of maintenance, the output had increased but was weaker than expected; LME decided not to prohibit Russian metal delivery. Demand: Downstream orders decreased, while copper prices pulled up and restrained procurement.
Market outlook
It is expected that copper price will fluctuate and weaken in the short term.
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