1. Trend analysis

Domestic copper prices rose slightly, offering 49,033.33RMB/ton, 0.08% higher than the previous day, up 4.21% year on year. Shanghai copper's main contract fell 0.10% to a low of 49,180RMB, and it closed at 49,260RMB.

2. Market analysis

Recently, copper has maintained a narrow range of shock trend. The supply of raw materials is tight, Codelco may not renew the agreement of supplying copper concentrate to a smelter in Shandong Province in 2020, which causes the market's concern about the supply of refined copper. There are too many fundamentals in the copper market, and the support under the copper price remains.

3.  Future prospects

According to the above situation, copper analysts of nonferrous branch of SunSirs believe that  near the Spring Festival, processing enterprises are gradually on holiday, trading enterprises are clearing inventory and settling accounts, and the transaction is increasingly weak. The comments of the US Treasury secretary made the market cautious about the trade prospect between China and the US, and the copper price was blocked in the upward direction. However, the fundamentals are still supported, and the space below is limited. In the short term, the copper price may fluctuate.

Relevant lwasted enterprwases: Jiangxi Copper Industry (600362), Tongling Nonferrous Metals (000630), Yunnan Copper Industry (000878).

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