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[Changes in the supply and demand pattern of the global copper marketbaccaratcom, the price trend ushered in a turning point]
Global mine supply has been disrupted, resulting in a shortage of concentrate supply. It is expected thatbaccaratcomThe oversupply situation of copper in China is shifting to balance. A sharp drop in processing fees for imported concentrates has prompted Chinese smelters to plan to reduce production to cope with cost pressures.
Domestic copper inventories are backlog, and the spot market continues to show a discount. At the same time, downstream demand maintained a steady growth momentum, especially driven by photovoltaic installation and air conditioner sales, and production capacity continued to grow.
The increase in new energy penetration is also expected to support the transportation equipment industry's demand for copper. However, the weak performance of the real estate market still needs attention and look forward to the effectiveness of relevant support policies.
After experiencing previous gains, copper prices may face wide adjustments. Investors need to pay close attention to fluctuations in the US dollar and RMB exchange rates, as well as changes in indicators such as inventories and basis.
