上海期货铜价格走势如何？

2023-09-07 16:15:00

上海期货铜价格走势如何？

Copper is one of the most important industrial metals, and its price has a significant impact on the global economy. China is the largest consumer of copper in the world, and its demand for copper has been on a steady rise. In this article, we'll take a closer look at the Shanghai futures copper price trend and what factors have influenced it.

Copper overview

Copper is a soft, malleable, and ductile metal with high thermal and electrical conductivity. It has significant use in construction, electrical, and electronic industries, making it one of the most traded base metals worldwide. Apart from its usage in industries, copper is also considered an important indicator of the overall health of the global economy.

China is the largest consumer of copper, accounting for almost half of the world's total copper demand. As such, the Chinese market significantly influences copper's global prices. The Shanghai Futures Exchange (SHFE) is the world's third-largest copper futures exchange, and its prices are an essential indicator of the Chinese copper market.

SHFE copper price trend

The SHFE copper price has been on a rollercoaster ride in recent years. Beginning from 2016, the price rose gradually until the first half of 2018, when it surged to a four-year high. However, by the end of 2018, the price of copper had slumped to a two-year low.

In 2019, the SHFE copper price was hovering around CNY 48000 per tonne, a price level last seen in 2016. The price remained flat for most of 2019 until December, when it climbed to a yearly high of CNY 49750 per tonne. The uptrend continued into January 2020 until the outbreak of COVID-19, which brought global economies to a standstill.

The pandemic had a significant impact on the copper's global price, and the SHFE copper price was not immune to the disruption. The SHFE copper price fell from CNY 47980 per tonne in January 2020 to CNY 41420 per tonne in March 2020. Since then, the SHFE copper price has been slowly recovering, and by the end of November 2021, it rose to almost CNY 72000 per tonne.

Factors that influence SHFE copper price

The SHFE copper price is influenced by several factors, including supply and demand, geopolitical tensions, and macroeconomic indicators. One of the primary drivers of copper demand is China's construction industry, which accounts for over half of China's copper consumption. As such, a rise in the demand for new infrastructures and housing generally results in higher copper demand and prices.

On the supply front, the mining industry plays a significant role in determining the price of copper. A shortage of copper concentrate or disruptions in the mining industry can reduce the supply of copper and drive up prices. Besides, geopolitical tensions such as trade wars and sanctions can significantly impact copper prices by creating supply chain disruptions and market uncertainties.

Another factor that affects copper's price is macroeconomic indicators such as GDP, inflation, and interest rates. The health of the global economy is a significant driver of copper's demand and prices. As such, a growing economy leads to increased demand for copper, which can push prices higher.

In conclusion, the SHFE copper price trend has been on a rollercoaster ride over the past few years, with various factors influencing the price. China's construction industry, mining supply chain, geopolitical tensions, and macroeconomic indicators all have a significant impact on the SHFE copper price. It is essential to understand these factors to make informed decisions when investing in copper.