1、 Trend analysis
| povidone Iodine |
As shown in the above figure, copper prices have slightly increased this week. As of the end of this week, the spot copper quotation is 69888.33 yuan/ton, an increase of 2.32% from the 68303.33 yuan/ton at the beginning of the week and a year-on-year increase of 24.2%.
Copper weekly rise and fall chart
According to the weekly rise and fall chart of Business Society, in the past three months, the price has dropped by 6% and increased by 6%. Recently, copper prices have continued to rise.
LME copper inventory
Macroscopically, inflation in the US fell significantly in June, hitting a new low in over two years, while the US Index plummeted to its lowest level in over two years, and metals collectively surged.
Supply side: The mining side remains abundant, with the copper concentrate import index of 91.67 US dollars/ton last week, an increase of 0.14 US dollars/ton compared to the previous week. The cumulative production from January to June was 5.5592 million tons, an increase of 553400 tons year-on-year, or 11.06%. It is expected that the domestic electrolytic copper production in July will be 902100 tons, and multiple smelters will undergo maintenance and production reduction, with a month on month decrease of 15800 tons, a decrease of 1.72%, and a year-on-year increase of 7.4%. Recently, some copper, Russian copper, and Lomo African copper cancelled by LME’s Asian warehouse have entered, leading to an increase in imported resources.
| Melamine |
On the demand side: Overseas demand is weak, while domestic high prices suppress demand. Last week, the operating rate of refined copper rods was 66.92%, with a weekly increase of 1.72 percentage points; The operating rate of recycled copper rods is 43.92%, with a decrease of 5.04 percentage points in the circumferential ratio.
In summary, the domestic economy has maintained a weak recovery, and imported resources are gradually entering the country. The inhibitory effect of high prices and off-season on demand is slightly evident. Domestic inventory has accumulated for three consecutive weeks, with global inventory showing low levels. Overall, both internal and external macro recovery is expected, with copper prices expected to be mainly strong and volatile.
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