Gold and copper are both non-ferrous metals. Non-ferrous metals are also called non-ferrous metals, which are the collective name for all metals except iron, manganese and chromium.

Since the beginning of the year, globally priced commodity prices have experienced considerable increases. Year to date, gold prices have increased by 16%, oil prices have increased by approximately 23%, and copper prices have increased by approximately 9%.

However, gold and silver are quite special. They are precious metals. Their prices include commodity attributes and financial attributes, and the prices are dominated by financial attributes. Therefore, when talking about non-ferrous metals, it is customary to talk about gold and silver separately from other non-ferrous metals. .

Copper has relatively abundant reserves in the earth's crust. The world's proven resource reserves are now about 1 billion tons. Based on the current mining capacity, it can be mined for 45 years, but the distribution is uneven. Global copper resource reserves rankings, top 10 countries The total reserves account for 80% of the world's reserves.

However, reserves are not equal to supply. In the copper industry chain, upstream copper concentrates, midstream smelters produce refined copper, and downstream copper product processing plants, from copper mines to copper as a means of production, there are two stuck points, mining and smelting, either one If any point is stuck, the supply of copper will be affected.

Copper is known as the "mother of cycles" because copper prices are closely related to the global manufacturing cycle. When the global manufacturing industry begins to replenish inventories, demand for core commodities such as automobiles, electronics, home appliances, and real estate chains will often drive up copper prices.

The main use of copper is in the power industry, specifically in various conductors. Copper's electrical conductivity ranks second among all metals. The only metal with better electrical conductivity than copper is silver. Compared with expensive silver, copper is the most cost-effective conductive metal material. More than 60% of China's copper is used in the power industry every year, and the remaining copper is mainly used in fields such as transportation and heat dissipation.

Starting from the second half of 2024, the supply and demand of copper may begin to move in a tight direction again, and it is now copper's "story time" again. Although China accounts for half of the world's copper consumption, due to the high concentration of the supply chain, the pricing power of copper is still dominated by overseas countries and has certain financial attributes.

The financial attribute makes the price relationship between copper and gold have a relatively fixed fluctuation range. Once the price of gold rises significantly, the price of copper will follow even if it is not driven by liquidity. After the recent rise in gold prices, the copper-gold ratio has reached its lowest level in three and a half years, and the financial attribute pricing of copper has begun to play a role.

It is expected that after the United States passes a stimulus of 1.9 trillion yuan, it will achieve a resonance pattern of supply and demand plus financial attributes. So you can see that copper prices began to rise sharply on February 5, and now they have increased by about 10,000 yuan per ton. The supply and demand pattern of copper is very good. With the rapid implementation of overseas vaccines, demand is improving with certainty; supply is still relatively tight, mainly because it will take time for some South American mines to resume production.

Copper wires are coated with a layer of insulating paint to become enameled wires. There are many different specifications of enameled wire. For example, there is enameled wire with a diameter of 0.27 mm, which is about slightly thicker than a hair. Despite its small diameter, it has a wide range of applications, such as various industrial motors, household appliances and new energy vehicles.

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