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Today's Shanghai copper range volatility, the closing of the day Shanghai copper main 2105 contract closed at 66800, up 150, or 0.
23%.
The dollar index remained high in the morning, with a limited
rally in copper prices.
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
.
On the fundamental front, the CSPT team finalized the floor price for copper concentrate processing fees for the first quarter of 2021 at $53/mt and $5.
3/lb, down $5 and 0.
5 cents from Q4 2020, indicating that the market remains pessimistic
about future copper concentrate supply expectations.
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, with the off-season delayed, the next peak season to warehouse is likely to form a strong support for copper prices, maintain the long-term bullish judgment
of copper prices.
