沪铜小幅飘红 显性库存继续累积【2月24日SHFE市场收盘评论】

Core Viewpoint - The copper market shows a slight increase in Shanghai copper prices, but the overall upward momentum is limited due to a continuous accumulation of global visible copper inventories and a traditional demand off-season. Attention is needed on the recovery of domestic downstream operations [1] Group 1: Market Conditions - Shanghai copper prices rose by 0.72% at closing, reflecting an optimistic atmosphere in the futures market [1] - Global visible copper inventories continue to accumulate, with LME copper stocks increasing by nearly 40,000 tons during the holiday period [1] - Domestic copper concentrate spot processing fees have dropped to around -50 USD per dry ton, indicating tight supply-demand conditions in overseas copper mines [1] Group 2: Company Insights - Codelco, Chile's state-owned copper company, anticipates that production at its largest mine, El Teniente, will remain at current low levels for the next few years due to the ongoing impacts of severe mining accidents [1] Group 3: Future Outlook - The recovery of downstream demand is expected post-holiday, but the speed of this recovery needs to be monitored [1] - Jinrui Futures indicates that macroeconomic factors are currently driving the market, with signs of stabilization in overall market risk appetite. However, the micro-level dynamics of copper await validation from the upcoming peak season [1] - The price of copper is likely to return to a range-bound oscillation, with a relatively high lower boundary [1]