Last week, the price of copper fell first and then rose. As of the end of the week, the spot copper price was 696,733.33 yuan/ton, an increase of 0.25% from 69,496.67 yuan/ton at the beginning of the week, an increase of 20.22% from the beginning of the year, and a year-on-year increase of 35.99%. Last week, the LME March copper first declined and then rose. As of the time of writing, it closed at US$9,455, a weekly decline of 0.40%; this week the Shanghai Copper Index fluctuated within a narrow range, closing at 69430 yuan, a weekly increase of 0.59%. This week the international copper index closed at 61830 yuan, a weekly increase of 1.00%.

　　Recently, the copper price fluctuated mainly within a narrow range. Last Friday, the RRR cut and landed, driving the copper futures to open higher on Monday, but the slightly weak domestic economic data and continuous overseas positions led to the correction of copper prices. The end of the week was affected by the dovish statement of the Fed Chairman , Copper futures strengthened again, and the overall trend within the week oscillated. This week, the domestic refined copper warehouse is still in a downward channel. Under the background of the recent tightening of copper scrap supply and disturbance of refinery production, the de-stocking is expected to continue. Consumption has a certain degree of resilience. The recent rebound in demand in the cable industry, which has the weakest start in the first half of the year, may weaken the off-season effect of consumption in the third quarter. TC continues to rebound, refined copper production has increased rapidly, and imports have slowed down. It is expected that copper prices will continue to fluctuate in a narrow range in the short term.

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