On November 2, copper prices in the Chinese market rose slightly, and the spot price was 71,335 yuan/ton, an increase of 0.12% from the previous day. Domestic power and production restrictions have had a negative impact on both ends of supply and demand. Domestic spot supply is still facing challenges. The local smelter in Jiangsu will continue to be affected by power restrictions, and the capacity utilization rate will remain at about 50%. Electricity curtailment in East China affects downstream sulfuric acid demand, and copper smelters reduce ore input in response to sulfuric acid expansion. It is expected that short-term copper prices will still be dominated by shocks and fluctuations.

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

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