The developed copper clad aluminum tube represented by the United States are mainly construction consumption. Global new energy copper consumption is expected to maintain a high growth rate.. Since 2018, copper inventory has continued to decline, and the speed is fast. A-share listed companies are Jiangxi Copper, Yunnan Copper, Anhui Tongling, Daye Nonferrous Metals, Zijin Mining, Minmetals Resources and other companies. As the domestic economy is expected to stabilize in the second half of the year, expectations are improving, and demand is picking up, and the whole has entered a passive destocking stage.
Inventories of raw materials such as iron ore and coke may be increased. As an intermediate circulation link, traders are not particularly pessimistic about the copper belt market in April. Secondly, reduce the sales rhythm of steel products, effectively reduce the sales of resources, accumulate inventory, and keep sufficient inventory to sell next month. Secondly, like steel mills, try to slow down the sales rhythm and accumulate stocks. . For downstream users, after the tax reduction, the use of a reduced tax rate to suppress spot prices to reduce procurement costs is conducive to alleviating capital pressure
The copper consumption in developing countries represented by China is mainly power electronics, home appliance consumption, and construction. The active destocking phase is nearing its end. China’s copper resources are concentrated in the four provinces of Jiangxi, Yunnan, Anhui and Hubei. From the perspective of consumption structure, developed and developing countries are different. In terms of industry, copper fundamentals continued to improve in 19-21, the contraction of refined copper supply is expected to intensify, and the global apparent copper inventory is still at a relatively low historical level.85%.
The average selling price of spot copper strips in the market was 50,600 yuan / ton, a year-on-year increase of + 2. Mainly, power electronics and consumer electronics account for a small proportion of copper consumption. The LME + COMEX + SHFE copper inventory is 415,000 tons, which is the lowest point in the past four years
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