Price trend

As shown in the figure above, on the 27th, copper prices rose slightly, and the spot price was 73,843.33 RMB/ton, down 0.12% from the previous day, up 5.6% from the beginning of the year, and up 2.54% year-on-year.

Analysis review

The U.S. dollar continued to strengthen and U.S. stocks tumbled, and London copper closed down 0.37% overnight. The domestic epidemic has not improved significantly this week. Strict epidemic prevention and control has put a lot of pressure on the domestic economy, and market sentiment has taken a turn for the worse.

Recently, Shanghai enterprises have resumed work, and logistics and transportation have also improved. However, under the strict domestic epidemic prevention policy, copper consumption is still dragged down to a certain extent. The continuous accumulation of LME copper inventories in April also put pressure on copper prices. Last week, the LME accumulated 27,000 tons. In the short term, copper prices are under pressure to pull back.

Market outlook

It is expected that the copper price will fluctuate to be weak in the short term.

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