On the 19th, copper prices dropped slightly. Spot copper was quoted at 74871.67 yuan/ton, down 1.12% from 75721.67 yuan/ton on the previous trading day, up 29.19% from the beginning of the year, and up 71.13% year-on-year. The March copper trend of the LME showed weakness, as of the time of writing, it closed at US$1,0258.5, a decrease of 1.51%. The main force of Shanghai copper showed a downward trend, closing at 74,090 yuan in late trading, a decrease of 2.01%. The main international copper contract closed at 66,220 yuan, a decrease of 1.88%.
Because the US housing starts data in April were far below expectations, the market economy showed a slow recovery trend, which revived market worries. Coupled with the weakening of oil prices, it dragged down the trend of copper prices. At present, copper prices are still at a high level, high raw material costs continue to squeeze the profits of the cable industry, and small and medium-sized enterprises have limited affordability; affected by high prices and other factors, the consumption peak season in the downstream market is not prosperous, terminal demand is suppressed, and the automotive industry is affected by the shortage of chips. Production is limited, and copper prices are expected to maintain a wide range of fluctuations in the short term.
Related listed companies: Jiangxi Copper (600362), Tongling Nonferrous Metals (000630), Yunnan Copper (000878).
