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Copper market morning comment: Copper prices fell back after a sharp surge on Monday
.
China's strong PMI in November encouraged the market
.
But after a sharp rise, market profit-taking began to increase
.
Fed Chairman Jerome Powell's speech at the Senate financial meeting on Tuesday became the focus
of the market.
At the macro level, China's manufacturing data is strong, M1 year-on-year growth has increased, and the logic of strong domestic demand has been verified
again.
Expectations of a new round of stimulus in the United States have increased, the Federal Reserve is discussing a new round of bond purchase programs, coupled with the positive news of vaccines, the market risk appetite has significantly recovered
.
The supply side is tight, mine supply recovery is not as expected, imported copper concentrates and mineral sands fell sharply in October, and there are still tightening expectations, and the continued decline in refined copper inventories partly reflects strong demand
.
However, with the rapid development of copper prices, the market is afraid of heights, the premium continues to decline, and the overall transaction is weak, and the probability of copper price shocks is expected to be higher
.
In the copper market, copper prices rose yesterday, spot premiums also rose, holders were reluctant to sell, but high prices also inhibited consumption
.
The import window has expanded, and the amount of imported copper has become the focus
of attention.
The copper market rushed back down, and in the short term will test the effectiveness of the original high of $7348 support
.
