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On Monday, copper met support
in the pullback.
The mutation of the new coronavirus in the UK and its greater contagion caused panic in the market, but the US supported the market with a $900 billion stimulus package
.
After all the easing policies are introduced, the market needs to see the stable growth of the European and American economies, and the reality that the current epidemic is out of control is still very cruel
.
On the macro front, the United States reached a bipartisan agreement on a new stimulus agreement of $900 billion, China's Central Economic Work Conference called for a prudent monetary policy next year to be reasonable and moderate, London and other regions in the United Kingdom began a comprehensive lockdown to curb the virus variant, market risk aversion rose, the dollar index rebounded above 90, and copper prices were suppressed
.
Domestic new energy vehicle sales are growing rapidly year-on-year, from the climate summit, new energy investment is expected to continue to accelerate, copper consumption may have a greater pull, smelter shipment willingness is not strong, refined copper inventories continue to decline
.
In addition, as the end of the year is approaching, it is necessary to be wary of the risk of pullback caused by the short-term suppression of demand, and the overall expectation of copper prices is strong
.
The copper market is still supported by low inventories, but domestic consumption has also been sluggish after weakening in November, and the lack of support from the state grid at the end of the year is the greatest pressure
.
High spot prices also limit consumption
.
It is estimated that copper prices will adjust
below $8,000 in the short term.
