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The copper market continued to fluctuate at high levels on Wednesday, with the new stimulus package in the United States diverging widely, and the possible expansion of easing at Thursday's European Central Bank meeting, which put pressure
on the copper market.
Fundamentally, the LME discount has increased, domestic copper stocks have increased slightly, and the current low inventory is still the largest support in the market, only if the inventory increase forms a trend, the current optimistic atmosphere can change
.
Short-term copper prices are still in the process of correction, waiting for clarity
.
The vaccine is good again, the dollar weakened, to some extent, China's foreign trade imports and exports increased by 7.
8% in November, and the overall macro atmosphere is still preferred
.
On the industrial side, political protests and general strikes broke out in the Challhuacho region of Peru, hindering the transportation of copper concentrate and the movement
of people in Las Bambas.
China's copper concentrate imports in November were 1.
831 million tons, down 15% year-on-year, and the mine end is still tight
.
However, the fear of heights is still strong, and the bulls take profits and leave the market, and the short-term copper price is expected to fluctuate at a high level
.
