Copper prices break below and lose the 100,000 level; institutions believe that the medium- to long-term fundamentals still support the market.

MetaMuskRat · 2026-03-28T04:24:52+00:00

Since March, the domestic non-ferrous futures market has declined, with Shanghai copper futures falling more than 8% and losing the 100,000 yuan/ton level. Market sentiment has shifted from bullish to macroeconomic bearishness, influenced by high inventories, demand recovery, and geopolitical tensions. In the medium to long term, copper prices still have upward potential.

MetaMuskRat

2026-03-28 04:24:52

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People’s Finance News, March 28 - Since March, the domestic non-ferrous futures sector has shown a trend of high-level retreat. Among them, copper futures have performed particularly prominently, breaking down after a long period of consolidation, with the main contract falling below the 100,000 yuan/ton threshold, accumulating a drop of over 8% since the beginning of this month, which contrasts sharply with the market’s earlier bullish expectations. Industry insiders believe that the core of this round of copper price adjustment lies in the shift of market driving logic from a previous bullish sentiment to a macroeconomic bearish dominance, compounded by multiple factors such as high inventory levels, the pace of demand recovery, and escalating geopolitical situations. Although short-term copper prices are significantly affected by macroeconomic sentiment and geopolitical tensions, in the medium to long term, supported by the fundamentals of supply and demand, there is still room for copper prices to rise. (China Securities Journal)

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