Domestic spot copper prices continue to fall, and the market is still in a state of oversupply

In the week of February 28, domestic spot copper prices continued to fall
this week.
The average price of Yangtze River nonferrous metal network 1# copper was 45302 yuan / ton, down 230 yuan / ton per day, and down 2.
50% on the weekly line; The previous week's average price was 45,970 yuan / ton, down 668 yuan / ton compared with last week, down 1.
45%
from the previous week.

The current inventory pressure is emerging, and the accumulation of domestic inventory is faster than expected
.
At the same time, the epidemic has affected domestic consumption, imported copper is difficult to digest, and it is difficult to see an improvement in import prices, forcing some refined copper to transfer to overseas markets and re-export of detained goods, resulting in a significant increase in LME inventory, and it is expected that domestic electrolytic copper imports will shrink
significantly from February to March.

According to statistics, the operating rate and capacity utilization rate of non-ferrous metal smelting and copper and aluminum production enterprises have gradually recovered, and the resumption of work and production is relatively normal
.
Smelter sulfuric acid expansion phenomenon is very serious, production reduction or maintenance may ease inventory pressure, but the final consumption such as automobiles has not picked up for the time being, demand weakness continues, and it is still in a state of oversupply in the short term, putting pressure
on copper prices.