1、 Price trend:

According to the data of the bulk list of business agencies, in February, the domestic PA6 market was stable first and then fell, which was weak. At the end of the month, the price of some brands dropped significantly. As of Monday, March 2, the main offer price of traders to Zhongzhu 2.75-2.85 was about 12433.33 yuan / ton, down 5.57% from the average price at the beginning of the month.

2、 Analysis of influencing factors:

PA6 upstream caprolactam weak finishing this month, the decline mainly concentrated in the first half of the month. In the first half of the month, the pure benzene port inventory accumulated, and the downstream resumption process was slow. In addition, styrene plant reduced production, raw materials were released, and pure benzene was in the situation of weak supply and demand, and still constrained by transportation. In the second half of the month, domestic logistics and transportation recovered to a certain extent, and the downstream resumption of work continued to advance. At present, there are signs of rising demand, and low-cost goods are starting to be reluctant to sell. By the end of the month, the decline of caprolactam had slowed down, but there was still a downward trend. In terms of demand, the downstream just need to take the goods for stock is not good, and the industry is not optimistic about the existing market. It is expected that caprolactam will mainly digest inventory in the later period, and the price will still fall. At present, the inventory of caprolactam enterprises is high, and the price of raw materials is still falling; the price trend of upstream caprolactam is unclear, which has limited support for PA6. The price of PA6 in China also fell this month. Slice enterprises have a lot of inventory. Although the downstream return to work at the end of the month has improved, but the stock up did not consume years ago, the demand is still weak, only part of the phenomenon of bargain hunting. Business offer to maintain weak, near the end of the month quote center of gravity down. The market atmosphere was cold and trading was slow.

3、 Future forecast:

Business analysts believe that: in February, the domestic PA6 market fell, and some spot prices fell significantly. The trend of upstream caprolactam is weak, and the support for PA6 cost end is poor. The situation of downstream factories returning to work has been improved to some extent, but there are still years of stock up, and the demand remains low. In recent years, the domestic market is relatively slow, the atmosphere is cold, and the operators sell at a profit. It is expected that PA6 market will continue weak adjustment in the near future. It is suggested to pay attention to the cost side market.

1、 Price trend

According to the data of the bulk list of business agencies, the market of PA66 in China was stable in February, with a narrow adjustment. As of Monday, March 2, the average price of the mainstream offer of PA66 is about 22350.00 yuan / ton, down 3.04% from the price level in early February.

Analysis of influencing factors:

In February, the market of adipic acid in the upper reaches of PA66 was weak and stable, and the market was generally affected by the epidemic situation. The supply and demand were not strong, and the transaction fell into freezing point. In most regions, the price of adipic acid has not changed much since the beginning of the month. The price of adipic acid has reached a low level within one year. Some dealers have slightly reduced their prices. Basically, the supply pressure and weak market demand caused by poor transportation are the main factors that hinder adipic acid to get out of the weak situation. In addition, the cost side has lost support again. The continuous low price of pure benzene has made the adipic acid Market snow Frost. At present, the downstream demand for adipic acid has not improved, and the downstream operating rate has been at the lowest point in the whole February. In addition, the social inventory pressure has not been alleviated, the market has not reversed the upward momentum, and the enterprise inventory and market inventory remain at a high level, which is inseparable from the current low demand and low procurement, and is also a secondary problem brought by transportation. This is also the adipic acid price did not usher in an important reason for the rebound after the year. From a regional perspective: the prices in East China and South China are still low, some prices have been lowered, and the demand is weak. At present, the downstream market still generally holds a wait-and-see attitude, and the transaction is slightly deadlocked. In addition, on the upstream cost side, the price of pure benzene re entered the downward channel in February. According to the monitoring of the business agency, the price of pure benzene fell by 7.37% in February. On the one hand, the downward price of the upstream made adipic acid not supported, but on the other hand, it alleviated part of the pressure of the current manufacturers. Because the procurement of the downstream manufacturers was shrinking, adipic acid could not be returned, and only maintained the low price level; In February, the domestic PA66 market was relatively cold, and the market was generally stable. On the supply side, the logistics resistance is still large, due to the impact of logistics transportation resistance, there are few spot transactions. At the same time, the operating rate of downstream factories continued to decline, especially in Wuhan, where the production of automobile enterprises is relatively concentrated, the resumption of work is slow, and the downstream demand is passively reduced. PA66 also has a similar market with price and no market. The trading atmosphere in the market is quiet, and few trading news is heard.

Future forecast:

Business analysts believe: in February, the domestic PA66 market continued to adjust its weakness. Upstream adipic acid manufacturers and distributors have limited resumption of work, narrow price range fluctuation, and limited support for PA66 cost side. The situation of downstream factories returning to work is complex, there is no stock or less stock, and the improvement of demand is very limited. The market atmosphere is cold, there is no market with price, and the operation space is small. It is estimated that whether PA66 transaction is active or not in the near future depends on the domestic resumption of work and logistics.

1、 Price trend

According to the data in the large scale list of business associations, the price of aniline in Nanjing was 6800 yuan / ton on February 1, 6400 yuan / ton in Shandong, and 7300 yuan / ton on February 28.

2、 Analysis and comment

1. Raw materials: affected by the epidemic, crude oil and pure benzene in the outer plate fell sharply. Domestic: the downstream of pure benzene has low starting load and limited demand; the transportation is relatively limited and the overall trading atmosphere of the market is not active.

Nitric acid: nitric acid fluctuated downward this month. On February 1, the price of nitric acid in East China was 1583.33 yuan / ton, and on February 28, the price was 1550 yuan / ton, with a monthly decrease of 2.11%.

2. Product: in February, there are more parking devices in aniline factory, which brings good supply. Jinmao did not produce in February, Shandong Huatai plant recovered on February 20, and Jinling plant was shut down on February 12.

3、 Future forecast

1. In terms of raw materials: the Northeast large-scale refinery rotation and reorganization has been restarted, the later load will be gradually increased, the supply pressure will be further increased, and the short-term pure benzene market is difficult to improve significantly. Late market attention to downstream resumption.

The unit of aniline enterprise was restarted, the output was increased, and the inventory was accumulated due to the soft downstream purchase. Aniline is expected to weaken.

1、 Trend analysis

According to the data monitoring of the business agency, the price of cobalt rose sharply and fell continuously in February, and the market speculation of cobalt continued. As of February 29, the price of cobalt was 273833.34 yuan / ton, down 0.36% from the average price of 274833.33 yuan / ton at the beginning of the month. In February, the price of cobalt rose and fell for many times, and the market of cobalt was adjusted.

2、 Overview of good news and bad news

1. The Democratic Republic of Congo plans to control the artisanal cobalt industry

According to Reuters, the government of the Democratic Republic of Congo has announced ambitious plans to control the artisanal cobalt industry in the western part of the country. The DRC will establish a new state-owned company, the EGC cobalt enterprise, which will be granted a monopoly on the purchase and sale of cobalt from the informal sector. The regulation of artisanal cobalt production in the DRC is bound to have an impact on the price of cobalt. There is upward pressure on cobalt, which has a driving force for the price of metal cobalt in the future, and stimulates the price of cobalt to rise substantially.

2. ERG plans to suspend production at its Zambia copper and cobalt refinery

Joseph chewe, chairman of the Zambian miners’ Union, said on January 22 that the mining enterprise Eurasian Resources Group (ERG) plans to suspend the production of its Chambishi metals copper and cobalt refinery in Zambia for maintenance and repair. The reason for the shutdown is that it is difficult for the refinery to find raw materials. ERG did not immediately comment on the news. The capacity of Chambishi metals refinery is 6800 tons / year. The shutdown of refining cobalt plant will greatly affect the supply of metal cobalt, increase the driving force of cobalt price rise, and further stimulate the rise of cobalt price.

3. Tesla and Ningde times negotiate in depth: or use cobalt free batteries in domestic electric vehicles

According to Reuters, Tesla is in-depth negotiations with Ningde Times New Energy Technology Co., Ltd. (hereinafter referred to as “Ningde times”, 300750) on the use of cobalt free batteries in electric vehicles of Shanghai Super factory. If it can be achieved, the amount of cobalt used in the domestic cobalt market will be greatly reduced, and the demand for cobalt will be negative, and the price of cobalt will begin to fall.

3、 International cobalt price trend

According to the trend of the LME market cobalt price in February, it can be seen that the international cobalt price rose sharply at the beginning of February, and then the cobalt price fell all the way, and the cobalt market lost the support of rising. The overall cobalt market was relatively bearish, which was negative for the domestic cobalt market.

4、 Wholesale sales of new energy passenger vehicles fell sharply in January

On February 13, the passenger Federation released data showing that the wholesale sales of new energy passenger vehicles in January were 45000 units, down 51.3% year-on-year and 67% month on month. February witnessed the most significant impact of the outbreak. The original consumption rhythm of the Spring Festival was changed in an all-round way, and the automobile industry chain was in a full stop state. February is the recovery period of production and operation. At present, the recovery speed is slow. Most enterprises delay work and travel for more than a week, resulting in almost negligible retail sales in the first ten days of February.

5、 Domestic mobile phone shipments fell 38.9% year on year in January

According to the analysis report on the operation of the domestic mobile phone market in January 2020 released by China Academy of communications, the total shipment volume of the domestic mobile phone market in January was 20.813 million, down 38.9% year on year. According to forecasts released on Thursday by IDC, a market research firm, coronavirus is expected to have a negative impact on the global smartphone market in 2020, with sales down 2.3%. The sharp decline of mobile phone sales has a great negative impact on the cobalt market, and affected by the epidemic, the major domestic mobile phone manufacturers have lowered their expectations for 2020, which has a crash impact on the demand of the cobalt market, and the negative pressure in the future is large.

6、 Future prospects

Bai Jiaxin, a data analyst at the business agency, believes that after the Spring Festival, the international and domestic cobalt market has been getting good news and bad news, which has stimulated the domestic cobalt price to rise and fall sharply. The situation of the cobalt market is turbulent, and how the future trend of the cobalt Market will cause concern. But from the perspective of the supply-demand relationship of cobalt market, the trend of cobalt price is relatively clear, and the future market of cobalt market is not worth worrying. From the supply side, Glencore has reduced its production, which is expected to affect 20% of the global cobalt supply. In 2020, the supply of cobalt market will be significantly reduced. In the DRC, more efforts will be made to regulate the artisanal mines, which will reduce the supply cost of cobalt, and the impact of the supply side will make the cobalt price continue to rise in the long term. From the demand side, at this stage, new energy vehicles and mobile phones are affected by the epidemic In the future, the country is increasing 5g investment, the sales volume of 5g mobile phones is growing rapidly, and the market’s attention to 5g continues to increase. It is expected that the sales volume of mobile phones will gradually recover and grow in the second half of the year. Generally speaking, at this stage, the supply and demand of cobalt market are both declining, and the rising power of cobalt market is insufficient. At the same time, due to the continuous increase of cobalt cost, the falling space of cobalt price is narrowed, and the falling pressure of cobalt market is insufficient. In the short term, the cobalt market is mainly subject to shock adjustment. In the long run, the demand of cobalt market is still worth looking forward to, there is still an upward momentum in the cobalt market, and the spot cobalt price is still at a low level. However, affected by the epidemic situation, the increase space of cobalt price in 2020 will be reduced, so it is not suitable to pursue high cobalt price.

1、 Price trend

According to the data in the bulk list of the business agency, the average ex factory price of powdered monoammonium on February 24 was 1960 yuan / ton, and the average ex factory price of powdered monoammonium on February 28 was 1993 yuan / ton, up 1.7% this week. On February 28, the monoammonium phosphate commodity index was 66.72, up 1.11 points from yesterday, down 33.84% from the highest point in the cycle of 100.84 (2011-09-13), and up 7.46% from the lowest point of 62.09 on September 19, 2017. (Note: cycle refers to 2011-09-01 to now)

According to the data in the business club’s large scale list, the average ex factory price of 64% diammonium on February 24 was 2200 yuan / ton, and the average ex factory price of 64% diammonium on February 28 was 2200 yuan / ton. The price remained stable this week. The diammonium phosphate commodity index on February 28 was 65.62, unchanged from yesterday, a new low in the cycle, 36.28% lower than the highest point of 102.98 on October 8, 2011. (Note: cycle refers to 2011-09-01 to now)

2、 Market analysis

Monoammonium phosphate: the price of monoammonium phosphate rose slightly this week, and the operating rate of enterprises affected by the epidemic in Hubei Province was relatively low. 55% of powdered ammonium in Anhui Province is quoted 1900-2100 yuan / ton, and the construction is stable. In Hubei Province, the ex factory price of 55% powdered ammonium is about 1900-2100 yuan / ton, and the main ex factory price of 60% powdered ammonium is 1950-2200 yuan / ton. The market in Henan Province maintained stable operation, with 55% of ammonium powder quoted at about 1900 yuan / ton, and the construction started steadily. The ex factory quotation of 55% powdered ammonium in Shandong Province is 1900-2100 yuan / ton, and the price is stable. The ex factory quotation of 55% powdered ammonium in Sichuan is about 2000 yuan / ton.

Diammonium: the market of diammonium phosphate is stable this week, and the enterprise’s operating rate is about 50%. At present, 64% of the mainstream of diammonium in Hubei Province offers 2200-2400 yuan / ton, 64% of the mainstream of diammonium in Shandong Province 2200-2350 yuan / ton, 64% of the mainstream of diammonium in Yunnan Guizhou Province 2300-2450 yuan / ton, and 64% of the mainstream of diammonium in Anhui Province 2250-2450 yuan / ton.

Industry chain: at present, the trading and investment in the phosphorus chemical industry market has slightly improved, the downstream enterprises have gradually resumed work, and the overall market demand has gradually improved. However, at present, the construction progress of the phosphorus ore market is slow, most of the on-site enterprises have not yet resumed production, and the overall construction still remains at a low level. There are not many new transactions on the site, and the recovery of transactions is slow, mainly to digest inventory. Recently, compared with last week, the logistics and transportation conditions have been improved. Sulfur related downstream enterprises have resumed work one after another, and the operating rate of downstream mainstream enterprises has also increased.

Industry: > according to the price monitoring of the business agency, in the eighth week of 2020 (2.24-2.28), there are 14 kinds of commodities rising month by month in the list of commodity prices in the chemical industry sector, among which there are two kinds of commodities rising by more than 5%, accounting for 2.3% of the number of commodities monitored in the sector; the top three commodities are sulfur (18.44%), liquid ammonia (7.51%) and ammonium chloride (2.44%). There are 29 commodities with a decline of 5% or more, accounting for 2.3% of the monitored commodities in the sector; the top three products with a decline are propane (- 8.49%), epichlorohydrin (- 7.81%) and R134a (- 5.00%). This week’s average was – 0.33%.

3、 Future forecast

According to analysts of business association ammonium phosphate, at present, monoammonium has a large shipment volume, transportation has gradually recovered, and downstream procurement is active. The market of diammonium is stable, and downstream traders mainly digest inventory. It is expected that the rising trend of monoammonium phosphate will be suspended in the later period, and the market of diammonium phosphate will run smoothly with little fluctuation.

1、 Price trend

Caprolactam has fallen in a row since February, ending the week’s decline, according to data from the business club’s large list. On February 24, the average ex factory price of domestic caprolactam liquid was 10633 yuan / ton, and on February 28, the average ex factory price of domestic caprolactam liquid was 10633 yuan / ton, which was stable in the week. So far, the caprolactam commodity index on February 28 is 53.48, down 0.17 points from yesterday, a record low in the cycle, down 46.52% from the peak of 100.00 on March 2, 2017. (Note: cycle refers to 2017-03-01 till now)

2、 Market analysis

Product: up to now, the price of caprolactam liquid in Shandong Luxi Chemical Co., Ltd. is 10000 yuan / ton, cash is delivered, the manufacturer’s capacity is 300000 tons, and the actual transaction can be discussed. The price of Nanjing Dongfang caprolactam liquid is 11300 yuan / ton, and the unit capacity is 400000 tons / year. The price of Baling Hengyi caprolactam liquid is 11100 yuan / ton, and the capacity of the unit is 450000 tons / year, which will be delivered upon acceptance. The price of caprolactam liquid of Baling Petrochemical Company is 11100 yuan / ton, and the capacity of the unit is 300000 tons / year, which will be delivered upon acceptance. Fujian Tianchen Yaolong caprolactam liquid price 11500 yuan / ton, contract order, unit capacity 280000 tons / year.

Industry chain: this week’s trading atmosphere of pure benzene was weak, crude oil and external market fell, and the support under pure benzene was insufficient. The lack of downstream shipping power and inventory accumulation further worsened the confidence of pure benzene market participants. On Wednesday, Sinopec cut the price of pure benzene by 150 yuan / ton to 5350 yuan / ton. This week, the market of cyclohexanone was weak and trading was light. Caprolactam deficit factories maintain low load operation, most of the factories have met the supply of caprolactam by their own cyclohexanone, and they basically do not need to recover cyclohexanone. The solvent factories are slow to return to work, and the demand for cyclohexanone in their own solvent market is relatively small, the overall market demand is sluggish, there are few deals, the market shipment is slow, cyclohexanone maintains low load operation, and some factories offer high prices Down 100 yuan / ton.

Industry: according to the price monitoring of the business agency, in the list of commodity prices rising and falling in the eighth week of 2020 (2.24-2.28), there are 14 kinds of commodities in the chemical industry sector, among which there are 2 kinds of commodities with an increase of more than 5%, accounting for 2.3% of the number of commodities monitored in the sector; the top 3 commodities are sulfur (18.44%), liquid ammonia (7.51%) and ammonium chloride (2.44%). There are 29 commodities with a decline of 5% or more, accounting for 2.3% of the monitored commodities in the sector; the top three products with a decline are propane (- 8.49%), epichlorohydrin (- 7.81%) and R134a (- 5.00%). This week’s average was – 0.33%.

3、 Future forecast

Caprolactam analysts believe that the current decline in caprolactam slowed down, but there is still a downward trend. At present, caprolactam enterprises have higher inventory, lower raw material prices, lower downstream demand, and the industry is not optimistic about the current market. It is expected that caprolactam will mainly digest inventory in the later period, and the price will still fall.

1、 Price trend:

According to the data of the bulk list of business agencies, the ABS market weakened in the second half of February, and the spot price in the domestic market mostly decreased. As of February 27, the main offer price of general-purpose ABS was about 12750.00 yuan / ton, down 4.14% from the average level in the second week of February.

2、 Analysis of influencing factors:

Industry chain: in all upstream aspects of ABS, the styrene market is still depressed in the near future, with little change in transaction. Due to the impact of domestic health events, different traffic regulations have been carried out in different places. Although the vehicle transportation capacity has recovered in the near future, the downstream demand is not high, most of the wait-and-see phenomena exist, and the inventory gradually accumulates to form pressure. In addition, the cost support is weak, although there is a narrow rebound, but Styrene Market in the near future or will still be in the short-term low market;

In the near future, the spot market trading of acrylonitrile related products is also weak, and the price is also weak. The downstream return to work is not good, and acrylonitrile production enterprises say the transportation obstacles are still large. It is expected that the market of acrylonitrile will not improve in the near future;

In recent years, the domestic butadiene market continues to be in a weak situation. Although the logistics and downstream latex factories have been resumed, the raw material inventory of the manufacturers is relatively abundant, and the market lacks the follow-up of new orders. The short-term external offer and the spot supply of the tank farm are abundant. There is no obvious price difference between the north and the south in order to stimulate the circulation of goods. The supply side of the market is still under pressure. The downstream inquiry is slightly cautious. Some high price offers in the North lack of real single support;

3、 Future forecast:

Business analysts believe that: in the second half of February, the ABS market weakened, and the recent spot prices of various brands gradually corrected. Cost side of the upstream three expect to rise and fall in the near future, general support for the cost side. The spot supply is relatively sufficient but the logistics resistance is relatively large. The main resistance in demand is also the reason for the slow resumption of work in the downstream, and the market atmosphere is cold. It is expected that domestic ABS prices will continue to have a correction in the near future.

1、 Price trend

According to the data monitored by the business agency, the domestic PP market was relatively volatile in the second half of February, with spot prices rising and falling in the near future. As of February 27, the main offer price of T30S by domestic producers and traders was about 6933.33 yuan / ton, down 1.22% from the average price in the second week of February.

2、 Cause analysis

Upstream: according to the data of the business club’s bulk list, the domestic propylene market has bottomed and rebounded recently. In terms of raw materials, the crude oil market has not changed much, but it has been raised for several days in a row. There are still many units in the upstream plant that have been shut down for maintenance. It is difficult to recover the supply in a short period of time, and the propylene output is small. However, the terminal manufacturers have started to resume work, and the logistics and transportation have also recovered. The demand for propylene has increased significantly. Moreover, the PP futures market has been climbing continuously, and the downstream has promoted procurement. Therefore, it is expected that the propylene market price in recent days Or it will continue to increase.

Product: propylene market rebounded this week, and the cost side has certain support for PP. Domestic logistics is also gradually recovering. At present, the manufacturers are consuming inventory smoothly, the pressure of petrochemical factory inventory has been relieved, and the confidence of the operators has been boosted. In terms of demand, the downstream factories have resumed work one after another, the factory’s operating rate has increased, and there is a phenomenon of replenishment. Producers and distributors are stable in mind, and it’s OK to go single.

3、 Future forecast

PP analysts of business club think: this week, the domestic PP spot market shows a trend of first restraining and then rising. The upstream propylene price bottomed out and rebounded, which has some support for the cost side. The resistance of Limited Logistics and transportation is small, and the resumption of downstream factories is accelerated. The demand has improved, the stock of petrochemical plants has decreased, the operators are on the market, and the orders are stable. It is expected that the PP market will continue to adjust in a narrow range in the near future. It is suggested to pay close attention to the market of cost end propylene.

1、 Price trend

According to the sample data monitored by the business agency, as of February 27, the average price of domestic BDO market was 9680 yuan / ton, with a 1.18% month on month drop in price and a 2.84% year-on-year increase.

2、 Market analysis

Product: BDO market in China is light. The unit starts at a low level, and the downstream load is also not high, showing the illusion that supply and demand are weak. In fact, the BDO inventory is high and pressure bearing, and the manufacturer’s shipping mentality is low. However, the downstream receiving capacity is poor, the actual single delivery and investment are weak, and a very small amount of low price transactions are heard. The listing guidance in March is general. There are differences between the mentality of both the supplier and the demander. The supplier is more stable, the demander is more bearish, the supply-demand game is a hacksaw, the operator is multi-dimensional and stable, waiting for more information and guidance.

In terms of market, BDO market in South China is waiting to be sorted out. The inventory in the site is under pressure, the downstream load is low, and the consumption capacity is very weak. Under the support of some manufacturers’ shipping mentality, a small amount of low-cost negotiation is kept, and the overall stability is the main factor. The BDO market in East China was consolidated and operated. At present, the on-site inventory is still at a high level, the downstream demand continues to be weak, and the spot delivery is difficult. It is heard that the inventory is sold at a low price, but the overall situation is still stable.

Industrial chain: in terms of raw materials, methanol, methanol market narrow range finishing, good transaction atmosphere. The main price in Inner Mongolia has stabilized to 1600-1650 yuan / ton spot exchange, mainly for olefins. Guanzhong region is mainly maintained at 1650-1700 yuan / ton ex factory spot exchange, and the contract is mainly executed in the second half of the week. The latest price in Ningxia this week is 1650 yuan / ton ex factory spot exchange, with general negotiation atmosphere. The price of main olefin factory in Xinjiang is 1640 yuan / ton.

Calcium carbide: the domestic calcium carbide market is in stable operation as a whole, and the production enterprises are actively shipping. At present, the mainstream factory price in Wuhai is 2700-2750. It is known that there will be a reduction of 50 yuan / ton in North China, which will aggravate the overall bearish mentality of the market. At present, the downstream demand of calcium carbide has not recovered, the demand is weak, and the overall trend is weak and hard to change. It is expected that the market price of calcium carbide will be reduced.

3、 Future forecast

At present, in order to promote reform, the supplier has a clear attitude of supporting the market and seeking stability; in order to reduce the cost pressure in the downstream, the bearish expectation increases. However, the demand in the middle and lower reaches is light, and there is no substantial trading for reference. BDO analysts predict that the short-term domestic BDO market is mainly stable, focusing on downstream commencement and actual single transaction.

1、 Trend analysis

As shown in the figure above, today’s domestic copper price fell slightly, offering 45518.33 yuan / ton, up 0.08% from the previous day, down 8.81% year on year. Shanghai copper main contract rebounded after a correction of 45670 yuan today, closing at 45950 yuan, up 0.15%.

2、 Market analysis

Recent copper price low volatility. Today, the spot copper price continued to fall, traders trading cold, downstream consumption is still weak, the overall market turnover is not ideal. The most direct and important impact of the epidemic on the fundamentals of electrolytic copper is the delay in resumption of work, which is more than 10 days later for most enterprises. The postponement of resumption has limited impact on smelting enterprises, but has a greater impact on downstream copper processing enterprises.

About 42% of the enterprises in the lower reaches of copper recovered to 60% – 90% of the normal production level, about 27% to 30% – 60% of the normal production level, and about 26% to 0-30% of the normal production level. In addition, due to the slow recovery of downstream copper enterprises, the cumulative range and time rate of domestic refined copper inventory exceeded expectations.

3、 Future prospects

According to the above situation, copper analysts of non ferrous branch of business society think that the epidemic has hindered the rebound of copper price, and the whole industry chain is worried, from miners to equipment providers. However, with the control of the epidemic situation, the downstream gradually returned to work, and supported by the reduction of production or maintenance of copper smelters, the short-term copper price shocks are relatively strong.