CITIC Construction Investment: The copper plate is an adjustment, not a peak turn

Gold ten futures on May 27th news, CITIC construction investment pointed out that this round of copper prices to the climax of COMEX copper fell 6.36% this week, the pressure to retreat caused by price adjustment is normal, the end of the rally depends on whether the driving factors have changed. On the supply side, Panama's first quantum market is expected to resume supply as early as 2025Q2. The current TC is reduced to $1.70/ton. Smelting production cuts are still possible. The rigid logic of the supply side has not been damaged. On the consumer side, high copper prices only disrupted the rhythm of consumer procurement, and consumption at the end point still maintained healthy growth. Over time, the accumulation of supply and demand gaps makes prices more sensitive to supply disruptions and interest rate cuts, which is more conducive to price increases.