Strong support is not strong Copper prices rebound or hard to maintain

Entering the COMEX market and LME copper futures this week led the domestic copper market to rebound slightly. According to statistics from the business community, the average domestic copper price at the beginning of the week was RMB 55,503 yuan/ton, which rose to RMB 55,530/ton, up by 0.96%. Economic data released, domestic inflationary pressures eased, and the copper supply of copper in the copper market this week decreased to support copper prices. Although the copper price rebounded slightly, copper is still in the off-season, and the downstream copper industry is under construction. The demand for downstream products such as electric power lines and enameled wire electronic lines has obvious off-season effect, and the market demand for downstream bar and cable is still weak. Currently, copper rod lines are still in demand. The operating rate of enterprises has dropped to about 74%, but Fan Yanxia, ​​a nonprofit branch of the Business Society, points out that the current order quantity has already reached the critical value of the company's profit and loss. If the order volume declines again, the company cannot continue normal operations, and the copper price range is expected to fluctuate in the short term and the upside is limited. .