Copper prices rebounded slightly, and the market trading atmosphere improved

The dust of the US election vote has settled, Biden is about to become the 46th US president, risk aversion has cooled, superimposed on the vaccine has made great progress news stimulation, boosting market risk appetite, London copper broke through $7,000 on Monday night, a new high since July 18; However, with the good digestion, the rapid spread of the epidemic in Europe and the United States, the progress of global economic recovery is under pressure, the dollar index bottomed out, and copper prices pulled back on Tuesday, and then fell into shock
.
In the short term, the technical surface of London copper maintains a volatile upward trend, and the breakthrough momentum of Shanghai copper is weak, but the overall support shock upward probability is large, and the pullback can be considered to make up for it
.

In the market, spot copper rose 380 yuan last week, and the premium rose steadily
.
Holders have a strong willingness to raise prices, and downstream replenishment on demand, and it is difficult to have bright performance in off-season characteristics; Traders are looking for spreads, but the rise limits the room for price pressure, and only during Friday's market rally, the market trading atmosphere improved, and the cautious mentality relaxed
.
In terms of import profit and loss, the RMB depreciated slightly during the week, but copper prices are strong outside and weak inside, and the import profit window continued to close this week, and the gap narrowed to around
100 yuan / ton.

In terms of inventory, Shanghai copper stocks continued to decline, falling by 21,183 tons to 96,766 tons, a decrease of 17.
96%, and a cumulative decline of 38.
58%
in the past five weeks.
Copper stocks continued to deteriorate, with a cumulative decrease of 7,850 metric tons to 157,350 metric tons, a cumulative decrease of 4.
75%.

The US election is basically settled, and Biden leads the short-term decline of the US dollar index to release the pressure on Shanghai copper, driving Shanghai copper to rise
in the short term.
However, on the other hand, the outbreak of the second epidemic in Europe and the United States, the market is worried about the reduction of fundamental power under the tight balance of domestic copper consumption, and the decrease in the role of news and fundamental guidance in the case of disk operations may increase, it is recommended to continue to pay attention to whether the digestion of seasonal copper stocks will shift to the later stage, bringing up the medium and long-term copper prices
.