SunSirs: On June 5th, Copper Prices Slightly Decreased

https://www.chemnet.com   Jun 06,2024 SunSirs

Price trend

As shown in the above figure, copper prices slightly decreased on the 5th, with a spot price of 80823.33 RMB/ton, a decrease of 1.22% from the previous trading day and a year-on-year increase of 21.59%.

Analysis review

The strong overlap of overseas bearish sentiment, coupled with the non-farm payroll came into the United States in May, and the consecutive sharp decline in oil prices, had created selling pressure on the commodity market. As a result, long investors had accelerated their position reduction and withdrawal, which had a negative impact on the copper market.

The high domestic copper inventory indicated that spot supply was temporarily sufficient. June is the traditional off-season for consumption, combined with high prices to continuously curb spot demand, resulting in copper prices falling from their peak to hover around 80,000 RMB/ton.

Market outlook

It is expected that copper prices may continue to maintain a downward adjustment trend from high levels before the release of US employment data. However, considering that the market's willingness to undertake may increase when copper prices are around 80,000 RMB/ton, it is expected that copper prices will fluctuate around 80,000 RMB/ton in the short term.

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