I. Trend analysis
As shown in the chart above, the copper market price on September 18 was 47500 yuan/ton, down 0.07% from the previous trading day, 1.37% from the beginning of the year and 2.6% from the same period last year, according to the data of the business association.
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II. Market Analysis
Recently, copper prices have risen slightly, and some downstream demand shows signs of warming up. Statistics Bureau data show that copper production increased by 5.2% in August and electrolytic copper by 8.1%. On the supply side, the first half of the world’s copper output ring ratio has declined, indicating the tight end of the mine, whether the decline in copper supply can be transmitted to the smelting end, and whether the import restrictions of scrap copper will improve, the market still has expectations.
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3. Prospects for the Future Market
In summary, copper analysts from the Nonferrous Branch of Business Association believe that the market will boost copper prices after entering the peak consumption season in September, but the domestic economic data is weak, the pressure of copper price rebound is strong, and the short-term shocks are expected to rise mainly.
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