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The copper market remained volatile at high levels on Tuesday, with copper prices meeting support at low levels
.
Hopes of passage after the split of US stimulus increased, the Federal Reserve meeting was also held on Tuesday and Wednesday, the dollar fell and the copper market encountered support
.
On a macro level, the US vaccine was approved and began to be vaccinated this week, but the cumulative number of new crown deaths has exceeded 300,000, and London, the United Kingdom may open the highest alert level of the epidemic, and recent concerns about the continued spread of the epidemic have reduced market sentiment, and domestic economic data have maintained a recovery momentum
.
On the industrial side, Freeport and four smelters in China finalized a copper concentrate long order TC of US$59.
5/dry ton in 2021, a decrease of US$
2.
5 from 2020.
China's copper spot inventories continued to fall by 0.
36 million tons on Monday, and copper scrap was slightly tight
.
At present, macro uncertainty still exists, the consumer side continues to repair, and copper prices may be dominated
by high volatility.
In the copper market, foreign discounts, domestic also began to change to discounts, high prices to suppress consumption
.
The refined waste ratio has increased, and it is necessary to wait for more copper scrap to arrive
.
Low domestic inventories are still support, and only a shift in this factor can the copper market be over
.
In the short term
, we focus on the effectiveness of the $8,000 resistance.
