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Last week, although the Fed kept interest rates unchanged and maintained its bond-buying program, the market had doubts and concerns about monetary tightening, coupled with the domestic central bank's use of reverse repurchase net withdrawal to significantly recover liquidity, copper prices showed a large correction
.
In the short term, due to the year-end effect, demand gradually weakened, copper prices seek support downward, even if there is a macro favorable stimulus, it is difficult to start the upward trend in the short term
.
On the macro front, last week's Fed interest rate decision left interest rates unchanged, but did not mention that monetary policy will increase in the future
.
In addition, the launch of the current Biden administration's $1.
9 trillion bailout plan has been hindered by opposition parties, so the landing time has become more difficult to predict
.
In terms of fundamentals, last week's outbreak that some mining areas in Chile were closed due to the impact of the new crown epidemic again, which caused a certain interference on the supply side, but in China, due to the Spring Festival holiday approaching, so the situation of light consumption in China may become more serious, so the fundamental situation is difficult to improve in the short term, copper prices are expected to remain volatile for
the time being.
In the spot market, the wait-and-see mood is strong, traders continue to reduce prices, downstream consumption is still weak, and transactions are limited
.
Peru will impose a new lockdown, but allow key industries such as mining to continue operating
.
Domestically, it is currently close to the Spring Festival holiday, the off-season situation of domestic consumption is obvious, and the fundamental support for the market is significantly weaker
than in previous months.
In terms of news, copper stocks in the previous period fell by 683 tons last week to 66,565 tons, a decrease of 1.
02%, which has fallen for the fourth consecutive week, and LME copper stocks are still in decline; At the end of the year, domestic downstream processing enterprises began to take a holiday, copper market consumption seasonally weakened, the near future may usher in the accumulation of inflection point, spot copper prices are expected to fall
.
