Shenwan Hongyuan Futures: Copper concentrate supply remains tight

The supply of concentrates remains tight, with smelting profits at the breakeven point. Although smelting output has slightly decreased month-on-month, overall growth remains high. According to data from the National Bureau of Statistics, electricity investment remains stable; automobile production and sales are growing positively; home appliance output is declining; and the real estate sector continues to be weak. Copper prices may enter a correction phase in the short term. Pay attention to changes in the US dollar, copper smelting output, and downstream demand. (Shenwan Hongyuan Futures)

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