I. Trend analysis
As shown in the chart above, according to the data of business associations, the copper market price on August 19 was 46481.67 yuan/ton and 46481.67 yuan/ton, which was 0.1% lower than the previous trading day and 3.26% lower than the previous one.
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II. Market Analysis
Recent low copper price shocks mainly, although copper supply has been in a tight supply situation due to strikes, but demand, downstream start-up data show weak terminal orders, in January-July 2019, the real estate industry used about 930,600 tons of copper, down 3.58% year-on-year. Among them, 266,900 tons of copper were used for new houses. In July, China’s total automotive copper consumption was 30,156 tons, down 12.1% from last year. Macroscopically, the Central Bank of China has decided to reform and improve the formation mechanism of quoted interest rates in the loan market. The market is interpreted as a substantial reduction in interest rates, which supports copper prices.
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3. Prospects for the Future Market
In summary, copper analysts from the Nonferrous Branch of the Business Association believe that the supply and demand are weak, and copper prices are expected to remain low in the short term. Near the peak consumption season of Jinjiu, consumption may improve, which can boost copper prices.
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