1、 Trend analysis

As shown in the figure above, the copper price rose slightly this week. As of the end of this week, the spot copper price was 72926.67 yuan / ton, up 2.87% from 70890 yuan / ton at the beginning of the week and 8.76% year-on-year.

Copper weekly rise and fall chart

According to the weekly rise and fall chart of business society, in the past three months, it has risen by 7 and fell by 4 and 1. Recently, the overall trend of copper price is relatively volatile.

Supply and demand: although Russia Ukraine negotiations have no substantive results, logistics and transportation have been eased, domestic demand is weak, and imported copper has suffered a significant loss. In terms of monetary policy, it may be a foregone conclusion that the Federal Reserve will raise interest rates by 25 basis points in March. Copper prices continued to strengthen, curbing downstream consumption, and the trend of domestic inventory base continued. The Shanghai nickel incident has had a certain impact on the market. Major exchanges have issued relevant regulatory measures, and the market sentiment has changed. Oil prices plummeted, and copper fell 3.46% overnight, falling below the 10000 yuan mark. Lun Ni’s suspension of trading has heated up the market’s cautious mood, and the weakness of Shanghai copper and the lack of bright spots in domestic downstream consumption.

To sum up: the reality shows marginal improvement, downstream replenishment increases, consumption shows signs of recovery, and the domestic social pool continues to decline. The strong growth expectation was implemented, and the economic growth target of 5.5% exceeded the expectation. It may be released gradually in the later stage, with marginal improvement in fundamentals. The short-term events in Russia and Ukraine and lunni may affect sentiment, with increased volatility. Copper prices are expected to be mainly volatile.