1、 Trend analysis
On May 11, spot copper offered 44176.67 yuan / ton, up 1.26% from the previous trading day, down 9.9% from the beginning of the year, and down 7.89% year on year. LME copper rose 0.48% to $5243.5 in three-month contract volatility. Shanghai copper main contract hit 43950 yuan in the morning and then fell back to 43500 yuan, down 0.02%.
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2、 Market analysis
In the near future, spot copper continues to rebound, and the impact of the epidemic on Chile is mainly concentrated in the second quarter. Although Peru’s mining industry will start to resume operation, it is still difficult for these major copper producing countries to restore production capacity on a large scale, while the consumer market is gradually recovering, refined copper goes to storage, wires and cables start to maintain a high level, and infrastructure driven consumption peak season effect is obvious Prices continue to rise.
3、 Future prospects
Based on the above situation, the copper analyst of non ferrous branch of business agency thinks that: copper supply is affected, the recovery of downstream demand is good for copper price, and more attention is paid to overseas resumption of work. It is expected that copper price is still subject to strong shocks.
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