1、 Trend analysis
As shown in the figure above, today’s domestic copper price rose slightly, with a quotation of 49033.33 yuan / ton, 0.08% higher than the previous day, up 4.21% year on year. Shanghai copper’s main contract fell 0.10% to a low of 49180 yuan at 49260 yuan today.
| PVA 1799 (PVA BF17) |
2、 Market analysis
In the near future, copper has maintained a narrow range of shock trend. The supply of raw materials is tight, Codelco may not renew the agreement of supplying copper concentrate to a smelter in Shandong Province in 2020, which causes the market’s concern about the supply of refined copper. There are too many fundamentals in the copper market, and the support under the copper price remains.
| PVA 1788 (PVA BP17) |
3、 Future prospects
According to the above situation, copper analysts of nonferrous branch of business agency think that: near the Spring Festival, processing enterprises are gradually on holiday, trading enterprises are clearing inventory and settling accounts, and the transaction is increasingly weak. The comments of the US Treasury secretary made the market cautious about the trade prospect between China and the US, and the copper price was blocked in the upward direction. However, the fundamentals are still supported, and the space below is limited. In the short term, the copper price may fluctuate.
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