1. Trend analysis

On the 14th, spot copper was quoted at 57,950 yuan/ton, down 0.47% from the previous day, up 18.18% from the beginning of the year, and up 18.09% year-on-year. The LME March copper surpassed its gains in early trading, and the Asian market closed at $7,800, an increase of 0.35%. The main trend of Shanghai copper was weak, with the lowest closing at 57220 yuan and closing at 57850 yuan in late trading, a decrease of 0.52%.

As the prospect of a no-deal Brexit in the United Kingdom hits market sentiment, the US stimulus plan negotiations are deadlocked again, smelters may have an impulse at the end of the year, and the tightness of copper scrap will gradually ease, and the trend of copper prices today is weak. In terms of inventory, domestic social inventories fell by 8,000 tons last week, the Shanghai Futures Exchange's inventory fell by 16,000 tons to 82,000 tons, and China's bonded zone inventory fell slightly by 20,000 tons. The latest London Metal Exchange (LME) copper inventory on December 11 reported 146,325 tons, a decrease of 1,500 metric tons or 1.01% from the previous trading day. At present, although the domestic electrolytic copper output has increased significantly, the demand is still improving, and the destocking will continue. It is expected that there is little room for copper prices to continue to fall.

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

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