1、 Trend analysis
As shown in the figure above, the copper price fell first and then rose this week. By the end of the week, the spot copper price was 696733.33 yuan / ton, up 0.25% from 69496.67 yuan / ton at the beginning of the week, up 20.22% from the beginning of the year, and up 35.99% from the same period last year. This week, LME copper first suppressed and then rose in March, closing at US $9455, down 0.40% for the week; This week, the Shanghai copper index was in a narrow range, closing at 69430 yuan, up 0.59%. This week, the international copper index closed at 61830 yuan, up 1.00%.
Recently, copper prices mainly fluctuated in a narrow range. The drop of reserve requirement on Friday led copper futures to open higher on Monday. However, the slightly weak domestic economic data and continuous overseas trading led copper prices to callback. At the end of the week, affected by the dovish stance of the chairman of the Federal Reserve, copper futures strengthened again, and the overall trend of the week fluctuated. This week, the domestic refined copper storage is still in the downward channel. Under the background of the recent tightening of scrap copper supply and refinery production disturbance, the removal of refined copper storage is expected to continue. Consumption has a certain resilience. The recent recovery of demand in the cable field, which started the weakest in the first half of the year, may weaken the off-season effect of consumption in the third quarter. TC continued to pick up, refined copper output grew faster, and imports slowed down. It is expected that the copper price will still fluctuate in a narrow range in the short term.
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