1、 Trend analysis

As shown in the figure above, the copper price rose slightly on July 26. The spot copper quotation was 71231.67 yuan / ton, up 1.57% from 70128.33 yuan / ton on the previous trading day, 22.91% from the beginning of the year and 37.07% year-on-year.

The Fed still held a dovish tone and copper closed up $164 the following week. Benefiting from the strong demand in downstream areas such as new energy, the non-ferrous metal industry has performed strongly recently“ Under the background of “carbon neutralization”, the world vigorously develops new energy vehicles. The increase of copper consumption per vehicle and the construction of charging pile network are also new increments of global copper demand. The second batch of domestic abandoned reserves were lower than expected, copper inventories continued to decline, demand prospects were optimistic, and copper prices were supported. It is estimated that the global copper demand for new energy vehicles will increase from 110000 tons in 2020 to 1.07 million tons in 2030, and the global copper demand for solar photovoltaic will increase from 160000 tons in 2020 to 520000 tons in 2030. The proportion of global demand for new energy vehicles, photovoltaic and wind power copper in China’s copper production will increase from 6.5% in 2020 to 12.7% in 2030. Copper prices are expected to be dominated by short-term or strong operation.