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The copper market continued to move higher
in a volatile last week.
The epidemic in Europe and the United States has slowed economic growth, but expectations of new stimulus policies in Europe and the United States remain the biggest support in the market, pay attention to this week's ECB meeting
.
U.
S.
manufacturing activity slowed in November, with new orders retreating from nearly 17-year highs, while weaker-than-expected small nonfarm payrolls data also showed that the pace of job recovery was slowing
.
However, this further strengthened market expectations of further stimulus measures in the United States, and financial market sentiment continued to be boosted by the positive coronavirus vaccine, and the dollar fell below the 91 mark
.
However, due to the inflow of imported copper, refined copper inventories may recover, and the market fear of heights is still strong, the premium continues to decline, the overall transaction is weak, and the probability of copper price volatility is expected to be high
.
In the copper market, the tension in domestic spot last week has eased, spot premiums have declined, inventories have increased slightly, but the overall situation has not yet undergone a fundamental change, and it is necessary to see the above changes form a trend
.
Technically, the LME breached the 2018 high of $7,348 and targeted the upside at $
8,000 and $10,000.
