1、 Trend analysis
As shown in the figure above, on April 22, spot copper fell slightly, and the current price is 41081.67 yuan / ton, down 2.22% compared with the previous day, down 16.93% year on year. Shanghai copper main contract opened low today to 40350 yuan, rebounded in the afternoon to narrow the decline, closing at 41090 yuan, down 0.84%.
2、 Market analysis
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Due to severe oversupply in the US oil market, impending expiration of contracts and Texas’s decision to cut production, the historic rout of crude oil dragged down commodities and non-ferrous metals fell. The overseas epidemic led to the decline of export orders, the expansion of the price gap between refined and waste products limited the ability to move up the copper price, while the impact of the reduction of copper production in South America gradually emerged, as well as the recovery of production of downstream processing enterprises improved the demand, which still supported the copper price. According to data, China’s refined copper output in March was 771000 tons, down 2.5% year-on-year, the lowest since May last year.
3、 Future prospects
Based on the above situation, copper analysts of non ferrous branch of business cooperation think that: the current copper price is supported by the increase of copper terminal interference rate and the continuous de stocking of domestic inventory. However, due to the growing concern of the epidemic market for the economic prospect, there is still uncertainty in the transmission of ore terminal disturbance to the release of refined copper, and the predicted copper price still maintains a volatile trend in the short term.
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