1、 Trend analysis

As shown in the figure above, copper prices fell slightly on the 8th, with the spot price of 70690 yuan / ton, down 0.72% from the previous day.

U.S. stocks fell back from high levels, and Lun copper closed down $94 overnight. The weakness of domestic real estate caused demand concerns, as well as the obstruction of copper concentrate transportation in Northwest China, and the accumulation of short-term transportation port inventory. China’s energy shortage and rising electricity prices in Europe also pose the risk of reduced demand from metal users. However, copper inventory is still low, LME inventory continues to decline to nearly 100000 tons, and the inventory in the previous period decreased to the low level of 37000 tons, which supports the copper price. It is expected that the short-term copper price will still be dominated by a wide range of shocks.