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Copper prices rebounded slightly last week, and as of 3 p.
m.
on Friday, the main Shanghai copper 2012 contract closed at 51180, a weekly increase of 1.
46%.
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 terms of the market, as of last Friday, East China spot aluminum was between 15610-15650 yuan / ton, up 540 yuan from the previous week, and the spot premium was 10
.
Spot copper rose 380 yuan last week, and the premium rose steadily
.
Downstream enterprises are afraid of heights, wait-and-see or buy on demand, and the transaction is general
.
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 this week, but copper prices are strong outside and weak inside, and the import profit window continues to close this week, and the gap narrows to around
100 yuan / ton.
On the news front, global risk sentiment has picked up
in the past week as some uncertainties have been removed.
The latest statistics from EPFR, a well-known fund flow monitoring and research institution, show that investment funds are accelerating out of the European market recently, and European equity funds have seen net outflows in recent weeks
.
Asian markets such as China have become "safe havens" for money, with the Greater China equity fund monitored by the institute last week attracting net inflows
nine times in the past 10 weeks.
During the week, Shanghai copper opened high and fluctuated, the US election was basically settled, and Biden led the short-term fall of the US dollar index to release the pressure of 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
.
It is expected that Shanghai copper will remain volatile at a high level next week, or there may be a high impact range
.
