Copper is widely used in electric power, electronics, home appliances and other industries due to its excellent electrical conductivity. In 2005, the global consumption of electrolytic copper was about 15 million tons, of which my country consumed about 5 million tons, making it the world’s largest copper consumer.
Electrolytic copper occupies a very important position in the copper product industry chain. The formation of global copper product prices is based on the price of electrolytic copper. The upstream copper concentrate price and the downstream copper plate, copper pipe and other copper prices are all The current price of electrolytic copper is obtained after adding the corresponding processing fee.
Like the price of oil, the price of electrolytic copper in the international market is also formed in the futures market, and the indicator of significance is the LME copper futures price of the London Futures Exchange.
Around 2003, affected by the double factors of international hot money speculation and market expectations of rapid growth in Chinese demand, LME copper prices began to climb for several years, from US$1,500/ton to the current US$8,000/ton, and it is still difficult to see. There are signs of a sharp decline.
China is the world’s largest copper consumer, but also the world’s largest copper importer. In 2006, my country’s electrolytic copper consumption was 3.9 million tons, and its external dependence was over 70% (imported copper concentrate).
In response to rising international copper prices, my country has cancelled export tax rebates for copper products since 2005, and at the same time has begun to significantly increase the utilization rate of copper scrap, and has tightened the scrap copper grading system.
As institutions worried about the slowdown in global demand, the oversupply of copper products and the expansion of the oil price slump, they aggressively shorted copper futures, and copper prices fell sharply for three consecutive trading days. Among them, the London Metal Exchange (LME) copper futures price fell by more than 8% in intraday trading on Wednesday, the largest decline since September 2011, once hitting $5,353.25 per ton, setting a new low since July 2009. The Shanghai copper futures products listed on the Shanghai Futures Exchange fell by the limit across the board. The main contract 1503 fell and was quoted at 41,190 yuan / ton, a drop of nearly 10% in one week and more than 20% in half a year.
Under the influence of falling copper prices, the prices of non-ferrous metals such as aluminum, iron, zinc and lead fell across the board. In the A-share market, the non-ferrous metals index plunged 2.70%, Yunnan Copper plunged 4.39%, Yunnan Aluminum plunged 4.19%, and Tongling Nonferrous plunged 6.47%.
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