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Copper market noon comment: The reduction of epidemic risk boosted market confidence, overnight London copper rebounded to close up $101, a large copper mine in Peru is gradually reducing production, exchange inventories are still declining, copper is rising
today.
At the macro level, the UK found a new variant of the new coronavirus, which is 70% more contagious than the ordinary new coronavirus, risk aversion has risen, copper prices have pulled back from high levels, and Pfizer's partner BioNTech said it believes that the existing vaccine can deal with the new strain, and if necessary, the vaccine
may be adjusted within six weeks.
For the later trend of copper prices, it is believed that the market trading logic is still dominated by macro, short-term copper prices have risen greatly, and they also have adjustment needs, superimposed on the news of the new crown epidemic, copper prices are benign adjustments, and the economic recovery is expected to be strong in the later period under the recommendation of vaccines, stimulus policies, the currency continues to loosen, and copper prices are expected to
rise.
Fundamentally, the current overall inventory level is low, especially the inventory in the previous period has fallen to the level of 80,000 tons, and the warehouse receipt in the previous period is less than 30,000 tons, which has obvious support for copper prices
.
Technically, the upward trend of copper prices is clear
.
