The price of copper fell slightly last week. As of the weekend, spot copper was quoted at RMB 71,101.67/ton, down 3.43% from RMB 73,623.33/ton at the beginning of the week, up 22.68% from the beginning of the year, and up 58.4% year-on-year.

Last week, copper prices fell weakly. Some Fed officials mentioned that they are considering gradually introducing some credit tools and reducing the scale of bond purchases. Macro expectations have weakened the support margin for copper prices. After the recent copper price rebounded to a high level, the downstream fear of heights has reappeared, while the Guangdong region is limited Electricity began to affect part of the downstream demand. In the later period, the demand for demand is off-season, and copper prices continue to rebound. In addition, as Zijin Mining’s Kamoa-Kakura large-scale copper mine project in the Democratic Republic of the Congo is put into operation ahead of schedule, the tight supply of global copper mines in the second half of the year is expected to gradually ease. However, the political risks of Chile and Peru’s mining still remain and the market is Expectations of supply-side interference still support copper prices. The copper price is expected to fluctuate in the short-term to maintain a wide range of fluctuations.

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

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