2013年春节后,铜价形成一波跌势,而下跌主要因来自中国铜需求不振及对于铜供给格局发生改变。近十年来,铜价受到中国需求提振维持了较高价位且价格远高于成本,而进入2013年铜供给逐步由紧缺迈入过剩阶段;其次,过高的库存结构,令铜价承压,5个月内伦敦库存上涨35万吨,涨幅134%至62万吨,沪铜库存维持20万吨之上,保税区库存有所降低,但也在70万吨之上,疲弱的消费则未见明显起色。 After the Spring Festival in 2013, there was a wave of decline in copper prices, mainly due to the sluggish demand for copper from China and changes in the supply pattern of copper. In the recent ten years, the price of copper has been boosted by the demand of China to maintain a high price and the price is much higher than the cost. In 2013, the supply of copper gradually entered the surplus phase from shortage. Second, the excessively high inventory structure kept copper prices under pressure. 5 London stocks rose 350,000 tons in the month, up 134% to 620,000 tons, Shanghai copper stocks above 200,000 tons, the bonded area inventories decreased, but also above 700,000 tons, the weak consumption is not obvious improvement.