1、 Trend analysis
As shown in the figure above, on June 8, the spot copper price was 45743.33 yuan / ton, 1.66% higher than the previous trading day, 6.71% lower than the beginning of the year, and 0.68% lower than the previous year. LME copper rebounded to close at $5676.5, or 0.31%, after a three-month contract pressure correction of $5618. Shanghai copper’s main contract rebounded after a correction of 45430 yuan, and weakened again after rising to a peak of 45960 yuan in the afternoon, up 1.28% to close at 45800 yuan.
2、 Market analysis
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Linked by the sharp rebound in international crude oil prices, the market risk appetite was boosted by OPEC +’s agreement to extend the historic production reduction for one month, boosting the continuous rise of us oil and oil distribution. On the other hand, US non-agricultural data in may far exceeded expectations, increasing expectations that the economy will rebound rapidly after lifting the blockade, which boosted industrial products and metal prices. However, China is about to enter the off-season of demand in June. Since the resumption of production in China, the non-ferrous metal market has been under pressure. Downstream consumption is still weak, and it is difficult for traders to clinch deals. The operating rate of domestic refined copper poles fell month on month, but the power industry still has support.
3、 Future prospects
Based on the above situation, copper analysts of nonferrous branch of business cooperatives believe that: stimulated by macro favorable conditions, copper prices are rising, but domestic demand is facing a slack season, fundamentals are expected to weaken, and high copper prices are expected to fluctuate.
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