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Biden's early signing of the bailout bill boosted market confidence, and Shanghai copper bottomed out today, closing at 66920, up 490, or 0.
74%.
On the macro front, global central banks are likely to continue to maintain their current ultra-loose monetary and fiscal policies, and the US dollar is expected to remain weak
.
In terms of fundamentals, the CSPT team finalized the floor price of copper concentrate processing fees in the first quarter of 2021, which is set at $53/ton and $5.
3/lb, down $5 and 0.
5 cents from the fourth quarter of 2020, indicating that the market is still pessimistic about future copper concentrate supply expectations, while on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, and the next peak season destocking is likely to still form a strong support for copper prices
。
On the supply side, Peru's Antapaccay Mining Company said that copper mine production has been affected by nearby community protests, and has suspended operations today, and the downstream support of copper prices has strengthened
.
Market consumption expectations are still in place, maintaining a strong outlook in the medium and long term, and there will be a pullback in the
short term.
It is expected that the Shanghai copper range will be sorted out at night, the main reference range is 6.
65-67,800, and it is recommended that the merchant ship a small amount of goods in operation, mainly wait and see, and stabilize and replenish the downstream stock
.
