Last week, the price of copper fell first and then rose slightly. As of the weekend, the spot copper price was 57,330 yuan/ton, down 0.28% from 57491.67 yuan/ton at the beginning of the week, up 10.46% year-on-year, and up 21.73% year-on-year. This week, the LME copper fluctuated upwards in March, closing at $7,758, a weekly increase of 3.36%; the Shanghai Copper Index hit 57,960 yuan at the beginning of last week and oscillated at a high level, closing at 57450 yuan, a weekly increase of 2.37%. At the beginning of last week, the international copper index rose sharply to 51430 yuan and then fluctuated widely, closing at 51,290 yuan, a weekly increase of 2.58%. After the recent rapid rise in copper prices in the early period, there has been a slight correction recently.

Previously, after the copper price gradually weakened due to the risk of the US general election, along with the optimistic expectations of the new crown vaccine progress and overseas fiscal stimulus, the macro outlook continued to improve and the fundamentals performed well. At the beginning of this week, the momentum of copper's rapid rise was slightly insufficient, but the continued increase in easing expectations and hopes for new crown vaccines in foreign countries supported the maintenance of high levels of copper in the future. Compared with the domestic trend, the trend of copper futures has not ended. In the short term, the fundamentals of the copper market are relatively good. The Shanghai Futures Exchange's inventory has fallen to a six-year low, and the low inventory structure is difficult to reverse.

Based on the above situation, last week, the copper price pulled back slightly in the short-term, but the upward trend remained unchanged.

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

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