1. Trend analysis

On August 10, the spot copper price was 50,131.67 yuan/ton, down 2.63% from the previous trading day, up 7.47% year-on-year, and up 2.24% year-on-year. The 3-month LME copper contract fluctuated higher to close at $6,304 in late Asian trading, an increase of 1.07%. Shanghai copper's main 2009 contract rebounded from a low level and narrowed its decline, closing at 50,230 yuan, a decline of 2.09%.

Domestic downstream consumption is seasonally weak, and short-term supply increases. On the supply side, Chile and the producing countries gradually resumed supply. Chilean national copper Codelco restarted smelters and mining projects. In July, China imported a large amount of copper materials that flowed into the domestic market. Recent inventory Continued accumulation. Last week, copper inventories in Shanghai increased by more than 8%, and the accumulation rate increased, which put pressure on copper prices.

Based on the above situation, the gradual recovery of supply and the off-season effect of demand have put pressure on copper prices, but the registered warehouse receipts in the LME copper market have fallen to a low level, and foreign demand has recovered. It is expected that the high price of copper will be weaker.

Related listed companies: Jiangxi Copper (600362), Tongling Nonferrous Metals (000630), Yunnan Copper (000878).

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