SunSirs: Both Supply and Demand are Weak, Copper Prices in the Chinese Market Fluctuate within a Narrow Range

　　On the 16th, copper prices rose slightly, and the spot price was 71828.33 yuan/ton, up 0.41% from the previous day. The main Asian market of Shanghai copper weakened, opening at 70,910 yuan in the morning, and finally the price weakened, reaching 70210 yuan at the lowest and closing at 70360 yuan.

　　Copper supply and demand are both weak, low inventories support copper prices, copper fundamentals are good, and there is support in the short-term, but the current short-term trend of industrial products remains, the market sentiment is pessimistic, and the weak aggregate demand suppresses prices. The operating rate rebounded slightly after the power curtailment weakened, but the poor real estate production and sales affected overall demand. It is expected that short-term copper prices will still be dominated by shocks and fluctuations.Related listed companies: Jiangxi Copper (600362), Tongling Nonferrous Metals (000630), Yunnan Copper (000878).