China International Wealth Futures: Shanghai Copper Under Near-Term Pressure, But Downside Space Limited

MetaMuskRat · 2026-03-25T01:12:17+00:00

Renmin Finance News, March 25 – According to China International Capital Corporation Futures, the prolonged Middle East conflict pushing up energy prices and inflation expectations is unfavorable for base metal prices, with copper prices entering an adjustment phase. The supply shortage at the mining end has not shown substantial improvement, with production maintaining high growth and new smelting facilities coming online with increased capacity. After the copper price decline, downstream buyers show strong demand for purchases at lower prices. As of mid-March, the capacity utilization rate of electrolytic copper rod rebounded to 72.9%-81.51%, approaching or exceeding the same period last year. Overall, macro-level stagflation concerns and Federal Reserve policy uncertainty have not fully played out. Shanghai copper will remain under pressure in the short term, but downside space is limited.

MetaMuskRat

2026-03-25 01:12:17

People’s Financial News, March 25 — According to China International Capital Corporation (CICC) Futures, the prolonged Middle East conflict and the resulting rise in energy prices and inflation expectations are unfavorable for non-ferrous metal prices. Copper prices are entering a correction phase. The supply side remains tight without substantial recovery; production continues to grow at a high rate, and new smelting plants are increasing output. After the price decline, downstream buyers are eager to purchase on dips. As of mid-March, the operating rate of electrolytic copper rods rebounded to 72.9%-81.51%, approaching or exceeding last year’s levels. Overall, macro concerns about stagflation and the uncertainty of Federal Reserve policies have not yet fully dissipated. In the short term, Shanghai copper will remain under pressure, but the downside space is limited.

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