Gold and copper are both non-ferrous metals. Non-ferrous metals, also known as non-ferrous metals, is a collective term for all metals except iron, manganese and chromium.

Since the beginning of this year, global raw material prices have risen sharply. So far this year, gold prices are up 16%, oil prices are up about 23%, and copper prices are up about 9%.

However, gold and silver are precious metals. Their prices contain both commodity and financial attributes, and financial attributes dominate prices, so it is customary to talk about gold and non-ferrous metals when talking about non-ferrous metals. Silver is separated from other non-ferrous metals.



Copper has been called the “mother of all cycles” because copper prices are closely tied to the global manufacturing cycle. As global manufacturing begins to replenish inventories, demand for commodities such as automobiles, electronics, appliances, and real estate chains tends to push copper prices higher.

The primary use of copper is in the electrical industry, particularly in various conductors. Copper has the second highest electrical conductivity of all metals. The only metal that has better conductivity than copper is silver. Copper is the most cost-effective conductive metallic material as compared to expensive silver. More than 60% of our annual copper is used in the power sector and the remaining copper is mainly used in transportation and heat dissipation.

From the second half of 2024, copper supply and demand may start to tighten again, and it is now “story time” for copper. Although China accounts for half of the world's copper consumption, the pricing power of copper is still dominated by foreign countries due to a highly concentrated supply chain, which has some financial attributes.

Financial attributes make the price relationship between copper and gold has a relatively fixed range of volatility. Once the gold price rises sharply, even if it is not liquidity-driven, the copper price will follow the same pace. After the recent rise in the price of gold, the copper-gold ratio has reached its lowest level in three and a half years, the price of copper's financial attributes began to play a role.

The resonant pattern of supply and demand plus financial attributes is expected to be realized after the U.S. passes its $1.9 trillion stimulus package. It can be seen that copper prices have risen sharply since February 5, and have now risen by about 10,000 yuan per ton. Copper supply and demand pattern is very good, with the rapid launch of foreign vaccines, demand will certainly improve; supply is still relatively tight, mainly due to the slow resumption of production in some mines in South America.



Copper wire coated with a layer of insulating varnish becomes enameled wire. Enameled wire comes in many different sizes. For example, there is enameled wire with a diameter of 0.27 millimeters, which is slightly thicker than a strand of hair. Despite its small diameter, it is used in a wide range of applications, such as various industrial engines, household appliances and new energy vehicles.

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Translated with DeepL.com (free version)