1、 Trend analysis
Copper prices fell first and then rose slightly this week. As of the end of the week, the spot copper price was 57330 yuan / ton, down 0.28% from 57491.67 yuan / ton at the beginning of the week, 10.46% higher than that of the beginning of the week, and 21.73% higher than that of the beginning of the year. LME copper rose in March, closing at $7758, a weekly increase of 3.36%; Shanghai copper index surged to 57960 yuan at the beginning of the week, and closed at 57450 yuan, with a weekly increase of 2.37%. At the beginning of this week, the international copper index rose sharply to 51430 yuan, and then fluctuated to a wide range, closing at 51290 yuan, up 2.58% for the week. The recent copper price in the early period of rapid rise, there is a small correction in the near future.
After the risk of the US election weakened gradually, with the progress of the new crown vaccine and the optimistic expectation of overseas fiscal stimulus, the macro level continued to improve and the fundamentals performed well, and the copper price once climbed to a seven-year high. At the beginning of this week, the momentum of copper’s rapid rise was slightly insufficient, but the expectation that foreign countries continue to increase the loose price and hope for the new crown vaccine will support the high level of copper in the future. The trend of Luntong copper is stronger than that of domestic copper, and the rising trend of copper is not over. In the short term, the fundamentals of the copper market are relatively good. The inventory of the previous period has dropped to a six-year low, and the low inventory structure is difficult to reverse.
Copper prices are expected to remain weak in the short term, but the short-term trend is still weak.
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