The trend in the first half of the year is also very consistent with the previous two years. Before the Spring Festival, it dropped significantly, from 46,000 yuan/ton to 38,890 yuan/ton. The decline of nearly 8,000 yuan/ton took less than a month, and the speed of decline was fast, and it just stepped on the position of the falling support line of the long-term decline channel, which once again confirmed the effectiveness of this channel.

Then from February to May, boosted by the sharp rise in the domestic stock market, copper prices entered a rebound market. Based on the previous peak and valley of 5 1.630 yuan/ton, this round rebounded to 46,360 yuan/ton, with a rebound rate of 58.6%.

However, the good times did not last long. After the end of May, due to the rapid rise of the US dollar price, the domestic stock market suffered heavy losses. Under the double blow, the Shanghai copper market once again fell unilaterally, falling all the way quickly, hitting a new low in recent years.

After that, stimulated by RMB depreciation, there was a round of rebound, but it was difficult to last. In the medium and long term, there is still the possibility of a round of downward exploration.