1、 Trend analysis
As shown in the figure above, today’s domestic copper price slightly declined and quoted 48751.67 yuan / ton, down 0.43% from the previous day, up 4.12% year on year. Shanghai copper’s main market hit a high of 49010 yuan at the beginning of the day and then came back to 48760 yuan at the end of the day, down 0.29%.
|PVA 0588 ( PVA BP05)|
2、 Market analysis
Recently, copper price fluctuated in a narrow range. The number of people applying for unemployment benefits in the United States fell last week, and the strong performance of the employment market stopped the decline of the U.S. dollar. At the same time, the downward pressure of the global economy is large, and the demand outlook of the copper market is still worried. In addition, the recent recovery of copper inventory in Shanghai has put pressure on the copper price. However, the easing of international trade tensions and the reduction of the Central Bank of China’s reserve have also resulted in the tight supply of upstream copper mines, and the copper processing fee TC At a low level, the copper price formed part of the support.
3、 Future prospects
Based on the above situation, copper analysts of the non ferrous branch of the business agency believe that the domestic production reduction has not yet been implemented, and the copper in the period is in a downward trend under the background of the lack of good news. However, there is a certain support for copper market fundamentals, copper prices continue to decline or limited space to maintain a narrow range of volatile trend.