Core Viewpoint - The copper market is experiencing weakness due to sluggish domestic demand and increasing social inventory, leading to a decline in copper prices [1] Group 1: Market Performance - On Friday night, copper prices showed a significant decline, closing down by 0.68% after a slight recovery in the morning [1] - The overall atmosphere in the non-ferrous sector has turned weak, with domestic copper demand remaining low [1] Group 2: Inventory and Supply - As of January 19, domestic electrolytic copper inventory reached 338,000 tons, an increase of 10,500 tons compared to January 15 [1] - The recent increase in domestic supply and high copper prices have limited purchasing demand from downstream enterprises, contributing to the rise in inventory [1] Group 3: Processing Fees and Production - Domestic copper concentrate processing fees continue to operate weakly, although trading enthusiasm has shown some recovery [1] - A survey indicated that five domestic smelting plants will undergo maintenance in January, leading to expectations of a decline in refined copper production [1] Group 4: Future Outlook - Jinrui Futures suggests that while the market has cooled due to the postponement of tariffs, the impact on copper may be minimal, and the price spread has not shown significant changes [1] - The anticipated tightness in the copper market is expected to persist, indicating that the overall strong fluctuation in copper prices may not be over yet [1]
沪铜偏弱震荡 社会库存继续累积【1月19日SHFE市场收盘评论】
Wen Hua Cai Jing·2026-01-19 11:18