On the 16th, the price of copper dropped slightly. The spot price was RMB 68,508.33/ton, down 0.64% from the previous day, up 18.21% from the beginning of the year, and up 18.28% year-on-year.
Inflation in the United States continued to soar, and LME copper closed down US$131 overnight. The domestic economic data in November fell short of expectations, suppressing copper prices. After the downstream power limit and production limit are over, the pre-orders are mostly digested. The operating rate of copper cables rose back to 85.55% in November, an increase of 5.1% from the previous month. The cable operating rate is expected to fall again in December. The operating rate of domestic copper rods was 65.79%, a week-on-week drop of 2.31%. At the same time, the supply of scrap copper continues to be tight. Copper inventories are low, and copper prices may maintain a narrow fluctuation trend in the short-term.
Related listed companies: Jiangxi Copper (600362), Tongling Nonferrous (000630), Yunnan Copper (000878).
