Data: SHFE, DCE market movement (Mar 10)

Today, #1 copper cathode spot prices in North China against the front-month contract were reported at a discount of 120 yuan/mt to a discount of 80 yuan/mt, with the average price up 30 yuan/mt from the previous trading day. The average transaction price was 102,525 yuan/mt, up 1,755 yuan/mt from the previous trading day.

According to Cailian Press, transformer enterprises in multiple regions across China are operating at full capacity, with abundant export orders, and some have production schedules extending to 2027. Ultra-large-scale AI data centers have power loads exceeding 1 GW, comparable to the summer peak electricity consumption of a mid-sized city. Driven by growing global power infrastructure spending, ex-China demand for transformers remains robust and exports have hit new highs. Caixin Securities recommends paying attention to transformer producers with advantages outside China and related parts enterprises.