1、 Trend analysis
As shown in the figure above, copper prices rose slightly this week, with spot copper quotation of 71971.67 yuan / ton as of the weekend, down 3.51% from 74591.67 yuan / ton at the beginning of the week, 24.19% higher than the beginning of the year, up 61.35% year on year. LME fell after the copper rush rose $10525 in March this week, closing at $9946, down 2.81% a week; Shanghai copper index was in high volatility at the beginning of this week, and it fell under pressure after the middle of the week, falling below 71840 yuan, closing at 72180 yuan, down 3.43% a week. The international copper index, which was closed this week, closed at 64130 yuan, down 3.68 per cent a week.
On the macro level, monetary policy may turn to the rebound of the dollar, the continuous decline of international oil prices drag down commodities and China will curb unreasonable rise in commodity prices, leading to a sharp correction in copper prices. On the supply side, commodity traders and miners Glencore plans to restart the operation of the mutanda cobalt mine in the Democratic Republic of the Congo next year. Mutanda is the world’s largest cobalt mine, and it also produces a large amount of copper. The production of copper deposits of major copper enterprises in the world is planned to increase, and the expectation of loose copper supply in the long term has been raised. In terms of demand, high cost continues to squeeze the cable industry profits, and the downstream consumption peak season is not strong. It is expected that the short-term fluctuation of copper price will maintain a weak trend.
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