1、 Trend analysis
As shown in the figure above, the domestic copper price fell slightly this week. The average price of domestic spot copper at the beginning of the week was 48751.67 yuan / ton, while that at the weekend was 48625 yuan / ton, down 0.26%, up 2.53% year on year.
2、 Market analysis
Copper and copper price: LME copper in March this week rebounded from last week’s decline, closing at $6194, up 0.92%. This week, the Shanghai copper index rebounded from a low of 48540 yuan. It soared 48930 yuan in the middle of the week and finally closed at 48980 yuan. This week, the price rose 120 yuan, or 0.25%.
Copper fundamentals have not changed, the downstream has entered a light state before the festival, and spot copper is weak. The willingness of cash exchange of cargo holders increased, domestic passenger vehicle sales kept declining, and consumption improvement in copper market was limited.
3、 Future prospects
Based on the above situation, the copper analysts of the non ferrous branch of the business society believe that the copper price is expected to remain high and volatile.