Copper prices rose slightly last week. As of the end of last week, the spot copper price was 71,055 yuan/ton, an increase of 0.82% from the 70,475 yuan/ton at the beginning of the week and a year-on-year increase of 19.76%.

In terms of supply and demand: the gradual release of global copper mine capacity has led to rising expectations of loose supply, and domestic copper prices will be balanced between accumulation and low inventory in the off-season during the Spring Festival. The domestic supply of copper concentrate has been loosened, and at the same time, the social inventory of copper has increased, superimposed on the weak expectation of downstream consumption, and the overall supply and demand are weak.

To sum up: the Spring Festival is approaching, the demand is weak, and the supply of copper concentrate is loose. It is expected that the short-term copper price will fluctuate and be weak.

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

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