The dominant global copper inventory is the lowest in the past decade? . The global annual demand for copper is about 23 million tons and 24 million tons. According to our calculation, the popularity of new energy vehicles is rising. From 202 1 to 2025, the marginal demand will increase by about 200,000 tons every year.

Copper prices ushered in a rapid rise in early February this year. The main force of Shanghai copper rose to 70 thousand yuan per ton at the end of February. Recently, there was a slight correction, but it remained at a high level of more than 60,000 yuan, with the cumulative increase exceeding 10%.

Extended data

The copper price center maintained an upward trend.

The upper reaches of the copper industrial chain are mines, which are the direct beneficiaries of the rise in copper prices. The world's top 13 mining enterprises occupy 50% of the market share, which is not as high as the concentration of iron ore. Mid-stream smelting enterprises and downstream copper processing links mainly earn processing fees and do not bear the fluctuation of copper prices, but in recent years, smelting and processing fees are in a downward channel.

China's copper consumption accounts for more than 50% of the world's total, which is mainly used in electric power, household appliances, construction, new energy vehicles and other industries. Analysts said that the stock demand for home appliances will gradually decline, but the incremental demand for emerging industries including wind power, photovoltaics and new energy vehicles will gradually increase. The tight supply and irreplaceable conductivity of copper will make the copper price center continue to rise.

World Wide Web-Refrigerators, washing machines and air conditioners have all gone up in price! Because of this raw material! Inventory hit a new low of 10, and the price hit a new high of 9 years! What is so tight?