The price of copper rose slightly last week. As of the end of the week, the spot copper price was 71971.67 yuan/ton, down 3.51% from the 74591.67 yuan/ton at the beginning of the week, up 24.19% from the beginning of the year, and up 61.35% year-on-year. Last week, the copper of the LME March rose to US$10,525 and then fell back. As of the deadline, it closed at US$9,946, a weekly drop of 2.81%. The Shanghai copper index fluctuated at a high level at the beginning of last week, and fell under pressure after the middle of the week. It fell below 71,840 yuan, and closed at 72,180 yuan. The weekly decline was 3.43%. As of last week, the international copper index closed at 64130 yuan, a weekly drop of 3.68%.

On the macro front, monetary policy may turn to a rebound in the US dollar. The continuous decline in international oil prices has dragged down commodities and China will curb unreasonable increases in commodity prices, leading to a sharp correction in copper prices. On the supply side, the commodity trader and miner Glencore plans to restart operations at the Mutanda cobalt mine in the Democratic Republic of Congo next year. Mutanda is the world's largest cobalt mine and also produces large amounts of copper. The world's major copper mining companies plan to increase the output of copper ore, and the expectation of loose copper ore supply in the long term has risen. In terms of demand, high costs continue to squeeze the profits of the cable industry, and the downstream consumption season is not prosperous. The short-term fluctuations in copper prices are expected to maintain the trend of weak fluctuations.

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

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