1、 Trend analysis

As shown in the figure above, on March 29, copper prices rose slightly, with spot copper price of 66283.33 yuan / ton, up 0.93% from the previous trading day, 14.37% from the beginning of the year, and 70.26% from a year earlier.

Suez Canal congestion, ships may bypass South Africa, causing transport costs concerns, London Metal Exchange (LME) on March 26, the latest inventory of Lun copper reported 123800 tons, compared with the previous trading day increased 2125 tons, an increase of 1.75%. Last week, copper stocks in the previous period increased slightly by 987 tons to 188359 tons, with a cumulative increase of 183.97% in the last eight weeks. China’s copper smelters decided not to set a minimum standard for the second quarter copper processing and refining charges (TC / RCS), saying that there is sufficient concentrate supply and the overhaul period is coming, which may reduce the supply of 200000 tons of copper. At present, the processing and refining charges have dropped to a 10-year low. It is expected that the short-term fluctuation of copper price is relatively strong and the operation is dominated.