1、 Trend analysis
As shown in the figure above, the copper price rose slightly on the second day, with the spot price of 64890 yuan/ton, up 0.8% from the previous trading day, and down 9.03% year on year.
Luntong rose on Tuesday, along with global stock markets and oil prices, as investors bet that central banks would slow the pace of interest rate increases, while the dollar weakened. The copper inventory in mainstream areas across the country increased by 8700 tons to 91900 tons month on month compared with last Friday, and the total inventory was 12000 tons lower than 103900 tons in the same period last year. The operating rate of major large and medium-sized copper rod enterprises in China was about 69.49%, down 0.29 percentage points from last week. This was mainly due to the shortage of electrolytic copper in South China and the limited raw material procurement of several copper rod enterprises, which dragged down the operating rate. The order increment of downstream cables is limited, especially for small and medium-sized cable plants, which have a strong wait-and-see mood and slow down the production pace. In general, domestic spot prices are tight, prices remain high, downstream demand slows down, and short-term copper prices remain high and volatile.
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