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Today's Shanghai copper opened high and low, bottomed out in the afternoon and rebounded weakly, closing the Shanghai copper main 2103 contract at 58890, up 160, or 0.
27%.
On the fundamental side, the CSPT team finalized the copper concentrate processing fee floor price for the first quarter of 2021 at $53/mt and $5.
3/lb, down $5 and 0.
5 cents from the fourth quarter of 2020, and the future supply is still difficult to say loose
.
On the demand side, as the most important demand country, China is currently the most effective country in controlling the new crown epidemic
.
Therefore, it is expected that the probability of sustained recovery of domestic economic activity in 2021 is relatively high
.
In addition, the country's 14th Five-Year Plan attaches importance to the new energy sector, and will continue to support the demand for copper varieties
.
On the macro front, yesterday China released a single-quarter annual rate of GDP for the fourth quarter of 2020, recording 6.
5%, higher than the expected 6.
2%, which benefited copper prices
.
However, at present, due to off-season demand factors, the market spot transaction has always been relatively sluggish, but the relative scarcity of supply has also made the copper price decline space also limited
.
Therefore, under such circumstances, it is expected that copper prices will remain dominated by shock patterns in the near future
.
The future market needs to pay attention to the congressional testimony of US Treasury nominee Yellen
.
