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Domestic copper prices fell slightly this week, with the average domestic spot copper price at the beginning of the week being 45548.
33 yuan / ton, and the weekend was 44746.
67 yuan / ton, down 1.
76% and down 10.
39%
year-on-year.
The Shanghai copper index rebounded this week frustrated, and the price weakened sharply from the high to 44450 yuan to close, down 1580 yuan, or 3.
43%.
This week, the LME March copper fell unilaterally near the low point at the beginning of the month, closing at $5547.
5, down 3.
77%
for the week.
During the week, the global copper market inventory increased sharply, with domestic social stocks exceeding 400,000 tons, London copper stocks exceeding 220,000 tons, and high stocks suppressing copper prices
.
In addition, the operating rate of nonferrous metal enterprises has increased, and the capacity utilization rate of copper production enterprises has gradually recovered, but there is high inventory pressure, and weak demand continues
.
Despite smelter production cuts, concerns about shrinking copper demand in the short term are more serious, which could weigh on prices
.
Based on the above situation, the recovery of downstream consumption is slow, but traders are optimistic about the resumption of work and logistics downstream, and the overall transaction is average
.
At present, the pressure of high inventory is still prominent, overseas demand has been affected by the epidemic, and domestic terminal consumption is still
recovering.
Copper prices are expected to remain weak
in the short term.
