Shouchuang Futures: After the panic, copper prices stop falling and rebound

Under continuous bearish pressure, copper prices plunged sharply. Last night, the main copper contract hit a low of 91820 yuan, with the decline nearing 4%. After that, copper prices rebounded; today, copper prices rose further, turning from a drop to an uptrend, and recovered to above 95,000 yuan. It recouped part of the losses from the recent period, but it is still some distance from 100,000 yuan. As copper prices pull back, downstream replenishment has increased markedly. The latest inventory data shows that as of March 19, domestic spot electrolytic copper inventory stood at 54.05 million tons, down 2.44 million tons from the 16th. With the peak season approaching, demand is expected to continue recovering. Although fundamentals have improved somewhat, macro pressures remain evident. The copper price’s focus has shifted from above 100,000 yuan down to below 100,000 yuan. Copper prices are expected to fluctuate around the 95,000 yuan level. Currently, macroeconomic uncertainty is very high, with the risk of deterioration. It is recommended to stay mostly on the sidelines. (First Capital Futures)