Founder Futures: Macroeconomic Concerns Remain, Copper Prices Face Downward Pressure

Although there were reports of easing in the market, Iran quickly denied the news, causing crude oil prices to rise again and market assets to rebound cautiously. Last night, copper prices briefly rebounded to around 95,000 yuan, up over 3%, but due to lack of market confidence today, copper prices gradually gave back their gains, currently up less than 2%. However, a positive sign is that, following the sharp decline in copper prices, downstream replenishment has increased significantly. On March 23, domestic electrolytic copper spot inventory was 486,200 tons, down 54,300 tons from the 19th, breaking below 500,000 tons. As the peak season approaches, downstream companies are generally buying on dips. Although overseas conflicts have disrupted the market, the overall domestic performance remains steady, market confidence is still intact, and orders for wires and cables are also being released. However, if the geopolitical conflicts are not resolved, copper prices are unlikely to return to a strong level, and in the short term, they may fluctuate between 90,000 and 95,000 yuan. (First Capital Futures)