1、 Trend analysis
On June 1, spot copper rose slightly, with a price of 44723.33 yuan / ton, up 1.26% from the previous trading day, down 8.79% from the beginning of the year, and down 3.92% year on year.
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2、 Market analysis
In May, China’s manufacturing data expanded again. The current view on the expected recovery of the economy led the overall recovery of the market. At the same time, the market was worried that the outbreak of the epidemic in South America would promote the shortage of raw materials in the copper market and support the copper price. At present, the production of domestic enterprises has basically recovered, the overall demand level in May remains high, the copper inventory of the previous period has been accelerated for two consecutive weeks, and the inventory level has been lower than that of the same period last year. In May, the overall demand level remained high, and cable demand was the main driving force. Countries gradually restart their economies, and demand gradually changes. However, macro risks continue to exist, and mine end and scrap copper imports are also increasing.
3、 Future prospects
Based on the above situation, copper analysts of nonferrous branch of business society think that the recovery of demand and tight supply expectation support copper price, which is expected to have strong short-term volatility.
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