1、 Trend analysis
On May 18, spot copper was 43296.67 yuan / ton, down 0.16% from the previous trading day and 11.7% from the beginning of the year, down 9.64% year on year. LME copper 3-month contracts rose 1.20% to $5247.5. Shanghai copper’s main contract soared to 43270 yuan, or 0.32%, in the morning.
2、 Market analysis
Due to the improvement of domestic industrial data, the market’s optimistic sentiment picked up slightly, copper futures rose slightly, but spot copper prices slightly recovered. Basically, the supply of copper goods is limited, and the downstream keeps rigid demand. Most transactions are mainly received by traders, with general activity. Peru gradually recovers its economy. Large mines take the lead in resuming construction. The speed of port collection and shipment is accelerated. The tight supply pattern of overseas mine ends is eased. Copper mine delivery is gradually recovered. However, port transportation and shipment still need to queue up. The short-term supply of copper concentrate remains tight. Domestic end consumption is improving. However, the global economy is declining, the epidemic situation is likely to be repeated, and there is pressure above copper price 。 However, the price of refined copper and waste gradually returned to normal, and the substitution effect of refined copper weakened.
3、 Future prospects
Based on the above situation, copper analysts of nonferrous branch of the business society think that: supply is tight to support copper price, domestic demand has improved, but affected by the global economy, the sharp rise of copper price is restricted, and copper price is expected to maintain the trend of strong shocks in the short term.