1、 Trend analysis

As shown in the above figure, the copper price fell slightly this week. As of the end of this week, the spot copper quotation was 55183.33 yuan / ton, down 5.77% from 58561.67 yuan / ton at the beginning of the week, down 19.89% year-on-year.

Copper weekly rise and fall chart

According to the weekly rise and fall chart of the business club, in the past three months, copper prices have risen by 2 and fallen by 10. Recently, copper prices have fallen endlessly.

Macro: the recent good employment and high inflation data make the market expect that the Federal Reserve will continue to raise interest rates by 75 basis points this month, and the market is still worried about the occurrence of future economic recession.

Basically, there are more disturbances at the supply side and the mine side, and the processing fee is reduced, but the increment of domestic smelters is obvious. The demand is poor, and the operating rate and processing fee of copper pipes and rods have fallen. Except for the automobile direction, other fields have entered the seasonal consumption off-season, and downstream purchases have remained cautious in the price decline. The real estate industry, which has just improved, is making waves again. Last week, the weekly operating rate of major domestic refined copper rod enterprises was 71.44%, down 0.91 percentage points, and the power grid has made up the inventory.

To sum up, copper prices are still worried about the impact of economic recession in Europe and the United States on the whole, and market sentiment is still relatively pessimistic. With the rapid decline of prices in the early stage, the market is gradually digesting the negative impact, and copper may continue its weak trend in the near future.