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Copper prices adjusted to their highs on Monday, the dollar stopped falling and rebounded to put pressure on the market, and the European Central Bank's meeting on Thursday and Brexit negotiations became the focus
.
In the copper market, the domestic import window closed, and the growth rate of non-wrought copper and copper imports slowed to 16.
2%
in November.
Domestic inventories increased slightly, and the market was worried about the change
in domestic fundamentals after the end of the storage and storage of national reserves.
It is necessary to see a trend
towards an increase in domestic inventories.
Technically, the LME pullback met support on Monday, and the support level is $7660, and copper prices can break below this level to open the pullback space
.
On the macro front, the number of new non-farm payrolls in the United States in November was much lower than expected, and the government is actively promoting a new round of fiscal stimulus
.
The UK will start mass vaccination this week, the US will start vaccination as soon as Friday, and 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
.
