First, the trend analysis
As shown in the above chart, domestic copper prices fell sharply after this week, and the domestic spot copper price was 49572.5 yuan/ton at the beginning of the week and 48050 yuan/ton at the weekend, down 3.07%.
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Second, the market analysis
The Shanghai copper index rose slightly by 49,900 yuan at the beginning of this week. Since then, the price pressure has accelerated to a low of 47,270 yuan. This week, it finally closed at 47,720 yuan, down 1890 yuan, or 3.81%. The index weekly position increased by 26,010 hands to 625,000 hands. This week, the price of copper has weakened sharply. The low position in the middle of the week attracted the downstream replenishment. After the delivery, the market supply was in short supply, and the spot rose to the water. The middle-man traders at the end of the week boosted. According to the survey results of the Shanghai Nonferrous Metals Trading Center, most traders see short-term copper prices stabilized and oscillating, and the premiums will remain high.
On the macro side: Trump’s government practices are radical. China, Russia, Iran and Turkey have been suppressed to varying degrees. This week, the Lira plunged, the Turkish crisis, and the US dollar rose, which constantly triggered market pessimism and put pressure on copper prices. At the end of the week, China and the United States planned to conduct trade consultations. The market sentiment was slightly eased and the copper market rebounded slightly.
On the supply side, this week Chile’s Escondida copper mine reached an agreement to avoid strikes, supply is expected to increase, and copper prices are under pressure.
Third, the outlook outlook
Based on the above situation, the business community’s non-ferrous branch copper analysts believe that this week’s Turkish crisis triggered a wave of asset-selling in the whole market. The strong US dollar caused the non-ferrous metals to fall sharply. In addition, Chile’s Escondida copper mine reached an agreement to avoid strikes, and supply expectations increased. The price of copper has fallen sharply. However, the future depreciation of the RMB and the accelerated infrastructure in the second half of the year will bring good benefits to the copper price. It is expected that the short-term copper price will fluctuate and the price will be around RMB 48,000/ton.
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