1、 Trend analysis

As shown in the figure above, copper prices rose sharply on the 27th, with spot copper price of 72011.67 yuan / ton, up 2.96% from 69940 yuan / ton on the previous trading day, 24.25% from the beginning of the year, and 67.59% from a year earlier. The spot copper price broke through the 70000 mark, reaching a new high in the past decade. Shanghai copper rose 3.01% to close at 72480 yuan / ton. International copper prices also rose 3.18%, closing at 64600 yuan / ton at 3 p.m.

The weakening of the US dollar, the improvement of the global economic outlook, the recovery of demand, the strong demand for goods preparation before the May Day holiday, and the slow rise of stock prices in domestic and foreign exchanges have all contributed to the revival of copper prices. In addition, Chile, which accounts for a quarter of the world’s copper supply, was threatened by a strike. Port workers called for a general strike, which intensified concerns about copper supply and led to a sharp rise in copper prices. As of April 25, China’s spot copper processing (TCS) rose $2 for the first time since August, but remained low overall. Copper prices are expected to remain strong in the short term.