1. Copper price analysis market
From the analysis of copper price trend in 2019: Generally speaking, after the tax reduction is confirmed by the work report, the term, term structure and import profit and loss are reflected to close to the space for tax reduction. However, due to the uncertainty of the cashing time, the internal and external arbitrage can be properly reversed. If the tax reduction is not cashed immediately, there is a certain expected profit space


  2. Future trends
The rigid increment of global copper concentrate supply in the next five years is relatively small, while the elastic increment mainly depends on the price. Although there is a large amount of refining capacity, due to the supply of copper concentrate, the actual supply increment is not enough to make the copper price fall again. Therefore, it is expected that the bottom of copper price in the medium term is obvious


3. Demand level
In terms of demand, the overall expectation continues to remain weak. There is no special expectation for state grid investment. On the whole, copper prices continue to be dominated by supply.