The supply and demand gap continues to widen, institutions are optimistic about the medium to long-term performance of copper prices.

Since late October, the overall trend of copper prices in the domestic and foreign markets has been relatively strong. On October 29, London copper futures reached a high of $11,120 per ton; on October 30, Shanghai copper futures main contract rose to a high of 89,270 yuan per ton, both hitting record highs. Industry insiders say that this round of copper price increase is due to the continuous positive macroeconomic factors, disturbances in the copper market supply side, and growth in demand, among other factors driving the market. In the short term, recent macroeconomic factors have strengthened bullish sentiment in the copper market, but the domestic copper industry supply and demand have not yet rebounded, so copper prices may face downward pressure after reaching highs. In the medium to long term, the copper market supply side faces multiple disturbances, while the demand side is clear in the growth of new demands in energy low-carbon transformation and AI data centers. In the coming years, the supply-demand gap may continue to widen, and copper prices may still have room to rise.