1. Fundamentals
In the medium and long term, the supply of copper concentrate and copper prices are negatively correlated; the increase or decrease of downstream copper consumption is positively correlated with copper prices in general. Seasonal changes in copper downstream work rate, changes in recycled copper policy and domestic and international copper inventory changes also reflect the balance between copper supply and demand.
2. Macro
Overall, copper price is affected by the macroeconomic environment, reflecting strong financial attributes, and its production and consumption are closely related to macroeconomic operations, copper price is regarded as one of the macroeconomic "barometer", and thus the market is also known as "Dr. Copper".
3. Funding
Most of the time copper prices and the U.S. dollar index is negatively correlated, interest rates, social financing and M1 / M2 changes are regarded as the financial operating conditions and monetary liquidity of the observation indicators, resulting in the demand and inflation of the stage of the expected changes often also affect the volatility of copper prices.
4. Sentiment
Whenever a market uncertainty event occurs, it will cause a disturbance to market sentiment, and the global asset price volatility will be intensified, and the copper price will also be affected.
