Copper prices are close to the pressure position, and the room for continued growth is expected to be limited

On the news front, yesterday's economic data showed the US ISM manufacturing PMI index for December to 58.
7, lower than the expected 60.
1
.
For the new low since January last year, Bloomberg News commented that the Omicron variant may have a greater impact
on ISM data in the coming months.
In addition, OPEC approved a 400,000 b/d production increase plan in February at a meeting on Tuesday, insisting on a gradual return to output
that was halted during the pandemic.
However, crude oil prices remained relatively strong yesterday
.
This has a relatively positive mapping effect
on copper varieties.

On the demand side, after the domestic spot price exceeded 70,000 yuan / ton, the downstream procurement sentiment was suppressed again, and the inventory of many copper rod companies increased significantly, and some companies chose to control the risks caused by the increase in inventory through production reduction, and the copper rod operating rate continued to decline
last week.
As the Spring Festival is approaching and downstream procurement is relatively cautious, the outlook on the demand side is difficult to say optimistic
for the time being.
On the supply side, Las Bambas is tentatively scheduled to resume operations in the near future, and as of now, the mine has been blocked for 41 days and stopped operating for 13 days
.
The smelter maintained normal feeding
.

In terms of import and export, the transportation of goods at the port of Erlian has resumed, but imports are still closed
.
In terms of TC, the price of imported ore TC edged up by $0.
88/mt to $62.
90/mt
last week.
It is expected that with the supply of overseas mines and the normalization of domestic port logistics this week, there is still a probability of a
slight recovery in TC prices.

Overall, copper prices are holding the 70,000 mark, and the fundamental impact is relatively neutral
.
However, due to the continuous upward trend in crude oil prices to boost inflation expectations, copper prices maintained a bargain-hunting attitude
.