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Today's Shanghai copper volatility is lower, closing the Shanghai copper main 2103 contract closed at 57000, down 610, or 1.
06%.
The US dollar index rebounded slightly during the day, and the center of gravity of Shanghai copper shifted
downward.
On the supply side, Chile's Codelco copper production fell sharply in December, domestic downstream consumption at the end of the year continued to be weak, and Shanghai copper maintained range sorting out before the year
.
It is expected to be weak and stable operation
at night.
In the spot market, holders lowered their premiums, received few goods, downstream demand continued to be weak, and transactions weakened
.
The market before the holiday is cautious, market demand has weakened, there is a short-term accumulation expectation, processing enterprises gradually enter a holiday state, copper prices lack support
.
Macro-level, near-term uncertainty remains, the dollar index fluctuates to the upside to around 91, and domestic liquidity has improved from last week, but the overall situation is still tight
a few years ago.
From a fundamental point of view, it is currently in the traditional off-season downstream, copper rod consumption is general, but orders for processed products such as copper pipes, copper plates and foils are still good, coupled with the local New Year policy implemented in various places this year, some processing plants continue to operate, resulting in a delay in accumulation, forming a strong support
for prices in the short term.
As the Spring Festival approaches, there will still be accumulation in the past two weeks, when prices may come under pressure to the downside, but the space below is limited
.
