1、 Trend analysis
On the MAR 23rd, spot copper price was 36560 yuan / ton, down 4.9% in a single day, down 26.79% year on year. Shanghai copper’s main contract quickly fell to 35300 yuan after opening low today, and then rebounded sharply to close at 37200 yuan, down 4.39%.
2、 Market analysis
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London’s base metal prices fell sharply in Asian trading on Monday. With the spread of the epidemic, many countries around the world increased the number of anti epidemic measures, which raised concerns about the global economic growth slowdown and hit the metal demand outlook. Copper production in Peru, Chile and other copper producing countries has also been disturbed, while domestic resumption of production is accelerating, but the current refined copper market is still in a state of oversupply, and terminal consumption has not yet recovered significantly.
3、 Future prospects
Based on the above situation, copper analysts of nonferrous branch of business cooperation believe that: in the short term, copper price is still mainly affected by macro risks and market sentiment, but supported by mine cost, there is still limited space for further exploration, and it is expected that copper price will fluctuate in a wide range in the short term.