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From the beginning of 2011 to the end of 2015, driven by macro factors such as the European debt crisis, the global economic weakness, and China's economic slowdown, commodity futures entered a bear market. The Shanghai copper index fell from about 77,000 all the way to around 33,000, a decrease of 57%.
At the same time, when looking at reports from major investment banks at home and abroad, there has never been a “serious surplus” in the supply and demand balance sheet for copper. The annual oversupply amount, high forecast is only 6,000-700,000 tons, and the small forecast is only 200,000-300,000 tons, and even individual investment banks still forecast a slight shortage.