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Today's Shanghai copper bottomed out and rebounded, closing the Shanghai copper main 2105 contract at 67040, up 220, or 0.
33%.
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, and the next peak season destocking probability will still form a strong support for copper prices, maintaining the long-term bullish judgment
of copper prices.
