On July 26, the price of copper rose slightly. Spot copper was quoted at RMB 71,231.67/ton, an increase of 1.57% from RMB 70,128.33/ton of the previous trading day, an increase of 22.91% from the beginning of the year, and an increase of 37.07% year-on-year.

　　The Fed still maintains a dovish tone, and the LME copper closed up by US$164 every other week. Benefiting from the strong demand in downstream sectors such as new energy, the non-ferrous metals industry has performed strongly recently. In the context of“carbon neutrality”, the world vigorously develops new energy vehicles. The increase in copper consumption per vehicle and the construction of charging pile networks have also increased global copper demand. The second batch of domestic reserves fell short of expectations, copper inventories continued to decline, and demand prospects were optimistic, and copper prices were supported. Global copper demand for new energy vehicles is expected to increase from 110,000 tons in 2020 to 1.07 million tons in 2030, and global solar photovoltaic copper demand will increase from 160,000 tons in 2020 to 520,000 tons in 2030. The global copper demand for new energy vehicles, photovoltaics and wind power will account for China’s copper output from 6.5% in 2020 to 12.7% in 2030. It is expected that copper prices will be mainly in short-term or strong operation.

　　Related listed companies: Jiangxi Copper (600362), Tongling Nonferrous Metals (000630), Yunnan Copper (000878).