1、 Trend analysis
As shown in the figure above, the copper price fell slightly this week. As of the end of this week, the spot copper price was 69915 yuan / ton, down 1.24% from 70795 yuan / ton at the beginning of the week, up 20.64% from the beginning of the week and 22.04% year-on-year.
Copper weekly rise and fall chart
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According to the weekly rise and fall chart of business society, in the past three months, it has increased by 5 and decreased by 7. Recently, it has fallen more or less.
Macro aspect: due to the rebound trend of the mutated virus epidemic in South Africa this week, there was panic in the market. In addition, both US stocks and oil prices fell sharply, resulting in metal pressure.
Supply and demand: Although the output of smelters was still affected by power restriction in some areas, the domestic electrolytic copper output picked up slightly in November. Power rationing in some main copper rod production areas in East and South China affected the start-up. The domestic copper rod start-up rate was 65.79%, down 2.31% on a weekly basis. In October, the operating rate of wire and cable enterprises was 80.45%, a month on month decrease of 3.87 percentage points and a year-on-year decrease of 14.23 percentage points.
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LME copper inventories continued to fall this week
Annual comparison chart of copper
According to the annual comparison chart of business society, the price of copper this year is higher than that in recent two years, and now the price of copper has fallen slightly.
To sum up: the continuous decline of copper inventory supports the copper price, but the demand is weak. Coupled with the uncertainty of virus variation, it is expected that the short-term copper price will still maintain a weak trend of shock.
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