1、 Trend analysis
| Gamma-PGA (gamma polyglutamic acid) |
This week, copper prices first rose and then fell. As of the 15th, copper prices were reported at 105588.33 yuan/ton, an increase of 1.16% from the beginning of the week and a year-on-year increase of 33.76%.
In the past three months, copper prices have fallen 4 times and risen 8 times, with a slight increase this week.
LME copper inventory
According to data released by the London Metal Exchange (LME). LME copper inventory fluctuated at a high level. As of the weekend, LME copper inventory was 397050 tons, a decrease of 0.17% from the beginning of the week.
Macroscopically, the rise in oil prices combined with the strengthening of the US dollar, as well as market expectations that the Federal Reserve will maintain interest rates due to inflation stickiness, collectively constitute a bearish background that constrains the industrial metals market.
Supply side: Although Zambia’s relaxation of sulfuric acid export restrictions has eased some supply anxiety, global copper mine supply risks remain severe. The delayed resumption of mining production in Indonesia, the energy crisis in Peru, and the continued negative operation of domestic copper processing fees have all reinforced the fact of a shortage in the mining sector.
On the demand side: Although high prices of copper have suppressed some downstream purchases, emerging demands such as AI servers and new energy vehicles are reshaping the consumption structure, providing long-term support for copper prices.
In summary, supply disruptions in the mining sector (such as the energy crisis in Peru and reduced production in Grasberg) continue to provide bottom support, with weak traditional demand but better emerging demand. For the future market, short-term copper prices are likely to experience wide range fluctuations.
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