Chuangxin Futures: Global Risk Easing, Copper Prices Continue Rally

Last night, there were reports that the G7 would work together to suppress oil prices, although it was not ultimately implemented. Later, the U.S. president announced that the Iran war is nearing its end, causing oil prices to decline accordingly. Buoyed by this, copper prices stabilized around 100,000 and then began to rebound. Today, copper prices continued to rise, with gains exceeding 2% at one point, indicating a return of market confidence. However, considering the current fundamentals, there may be resistance above current levels. It is reported that on March 9, domestic electrolytic copper spot inventory was 589,800 tons, up 15,800 tons from the 2nd and 5,200 tons from the 5th. Previously, copper prices briefly fell below 100,000, prompting downstream stockpiling. Currently, domestic companies have mostly resumed work and production. As the peak season approaches, downstream replenishment has increased. However, if copper prices strengthen again, it could suppress downstream buying enthusiasm. Additionally, the current conflict situation is only based on U.S. statements, and the risk of Strait operations remains high. If Iran does not compromise, energy risks may persist. The market is still in a tug-of-war phase, and copper prices are likely to fluctuate within a range. (First Capital Futures)