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Copper prices rebounded from a low level on Monday, but the weakness did not change, and the main contract of Shanghai copper rose 110 yuan / ton, or 0.
16%,
as of the close.
On the macro front, the US CPI in November increased by 6.
8% year-on-year to a 39-year high, Biden said that inflation has peaked, and price increases will decelerate faster than expected; Wall Street consensus expects the Federal Reserve to officially announce the acceleration of Taper
next week.
In the United States, Michigan consumer confidence rebounded from a 10-year low in December, with the vast majority believing that inflation was worse
than unemployment.
The US CPI rose sharply year-on-year, the Fed's monetary tightening expectations did not change, and the US index high stability still limited the base metal bullish atmosphere
.
In terms of the market, Shanghai Metal Network 1# electrolytic copper quotation 69480-69620 yuan / ton, the average price of 69550 yuan / ton, down 200 yuan / ton from the previous trading day, the 2112 contract is posted 90-liter 20 yuan / ton
.
The spot market transaction was weak, and the premium fell by 55 yuan/ton
from the previous trading day.
Some areas around Shanghai were affected by the epidemic, resulting in poor consumption, and intraday spot premiums showed a downward trend
.
The mainstream transaction of intraday flat water copper was around the level of 80 yuan
.
Good copper follows the fall, and imported good copper is now
discounted.
Wet copper shipments are scarce
.
In terms of fundamentals, the upstream copper mine imports increased significantly in the fourth quarter, and copper mine inventories continued to increase, but the tight supply of cold materials still existed, coupled with the sharp decline in sulfuric acid prices, refinery production faced certain pressure, and there was no rush to production at the end of the year, and output increased
slightly.
In November, the domestic power rationing policy was relaxed, and the operating rate of downstream processing enterprises rebounded significantly, but near the end of the year-end demand off-season, downstream procurement willingness is low, and the sensitivity to copper price increases is high, mostly based on bargain hunting
.
Recently, domestic and foreign inventories have maintained a trend of decomposition, inventories have been at a historical low, and the market has shown a tight supply situation
.
Overall, the market generally expects that the Fed may accelerate the start of TAPER, believing that the Fed will raise interest rates earlier, and the market is more cautious
.
In addition, the coronavirus epidemic continues to worsen, and the market is increasingly worried about new government restrictions
.
In addition, the off-season effect has gradually strengthened, and the upward trend of copper prices lacks consumer support, but the price structure under low inventories remains strong across the board, and there is also a lack of downward momentum
.
With year-end consumption weakening and inventories picking up slightly, copper price pressures increased, with slight downward pressure
.
It is expected to be a range of 68500-70000 in the short term
.
