On January 8, copper prices fell slightly, and the spot price was 70,765 yuan/ton, up 1.19% from the beginning of the year. Copper prices have fluctuated within a narrow range since the beginning of this year.

Previously, the US dollar index has been continuously lowered to weaken the pressure on metals, which has stabilized recently. There is no obvious driving force from the fundamentals, the overall supply and demand are weak, and the price remains within a range. At present, the macroeconomic situation has improved, and domestic interest rates have been cut. In the past half month, the LME copper inventory has continued to decline, falling to around 80,000 tons. The US dollar is still weak, and copper prices are expected to remain stable. Range fluctuations prevail.

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

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