1, after all, affected by the trend of international copper prices;

2. Insufficient positions also reflect insufficient supply and rising prices.

Market hotspot is one of the main commodities in 2005. Due to the historical low inventory and the speculation of overseas hot money, copper futures at home and abroad have been rising unilaterally. Shanghai Copper started from the lowest price of 24,730 yuan (CU05 12 contract) at the beginning of the year, and reached the highest price of 5438+02 (CU060 1 contract) of 42,800 yuan in June, exceeding the lowest price by 73.06%. In particular, the so-called "national copper reserve" events that lasted until June 5438+065438+ 10 and June 5438+February made copper prices hit record highs. However, contrary to the trend of the price curve, the position of Shanghai Copper has been declining since the beginning of the year (except for a slight increase in the second quarter, see figure1); Moreover, the transaction volume shows that the enthusiasm of investors to participate in the second half of the year has decreased significantly.