1、 Trend analysis

As shown in the figure above, the copper price fell slightly on the 24th. The spot price was 71938.33 yuan / ton, down 0.87% from the previous day, up 24.13% from the beginning of the year and up 32.91% year-on-year.

The inventory of the three major exchanges in the world decreased significantly, the copper dispute in Peru reappeared, the market supply concerns rekindled, and the copper price was supported. According to the data of the General Administration of customs, in October 2021, China imported 411000 tons of unwrought copper and copper products, an increase of 1.1% month on month and a year-on-year decrease of 33.6%; From January to October, the total import was 4.429 million tons, a year-on-year decrease of 21.1%. In October, the operating rate of wire and cable enterprises was 80.45%, with a month on month decrease of 3.87% and a year-on-year decrease of 14.23%. Real estate orders weakened. According to the data of the National Bureau of statistics in September, the year-on-year growth rate of indicators such as new construction, construction and completed area of the real estate sector decreased, and the demand was significantly weakened. Supply and demand are weak, and it is expected that the short-term copper price will still maintain a volatile pattern.