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Today's Shanghai copper volatility is lower, closing the Shanghai copper main 2103 contract closed at 58470, down 360, or 0.
61%.
The US dollar index rose during the day, Shanghai copper came under pressure to pull back, the US 190 million stimulus package has not yet landed, the market's concerns about the epidemic are not reduced, and the short-term high of Shanghai copper is sorted out
.
It is expected that the night range will continue to run weakly, and the 58,000 support situation will be paid attention to at night
.
Operationally, it is recommended that the merchant fast forward and fast out, and the downstream bargain stocking
.
On the macro front, China's 2020 economic data came out, exceeding market expectations; The transition of power in the United States is stable, fiscal and monetary policy easing expectations are strong, and the dollar index is weak; The overseas epidemic outbreak is still serious, while there are sporadic diagnoses in China, and the macro sentiment is still staggered in the stimulation of loose policies and the panic of the spread of variant viruses, but the macro main logic of policy easing and domestic and foreign economic recovery has not changed
.
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 copper prices long-term bullish judgment
.
