Price trend

As shown in the figure above, copper prices fluctuated and rose this week. As of the end of this week, the spot copper price was 73,810 RMB/ton, an increase of 0.39% from the price of 73,521.67 RMB/ton at the beginning of the week, and a year-on-year increase of 12.03%.

Analysis review

According to the monitoring data of SunSirs, in the past three months, it rose for 7 weeks and fell for 4 weeks, and the price remained unchanged for 1 week. The recent overall trend of copper prices was strong.

Recently, the copper market has been dominated by high volatility. Last Friday night, the LME suggested to ban Russian copper from entering warehouses, and short-term copper price volatility may intensify. In March, retail sales of passenger vehicles in the narrow sense are expected to be 1.58 million units, down 10.4% year-on-year. Since there are many areas affected by the epidemic this time, and the epidemic is still in dynamic changes, the specific impact of the auto market in March still needs further observation.

Market outlook

To sum up: Disturbed by the concentrated outbreak of the epidemic in some parts of the country, the delivery efficiency of smelters has declined, and it is rumored that some smelters will stop production under financial pressure. Overall, the impact of supply is significantly greater than that of demand. It is expected that domestic inventory will continue to be destocked under the pattern of weak supply and demand. Copper prices will be dominated by high volatility.

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