Demand for resumption of work after the holiday increased, and spot copper hit a new high in nearly a decade

Macro factors exceeded expectations, and major economies recovered
.
Due to the smooth progress of vaccines, overseas economies have entered a stage of accelerated recovery; Under the double easing of foreign currencies and finances, inflation is stronger than expected; Biden advocates "multilateralism" and uses the fast-track procedure to vigorously promote the $1.
9 trillion fiscal stimulus, the scale of fiscal stimulus will far exceed market expectations, and the global political and economic environment is good
.

Before the Spring Festival, the epidemic situation in Peru led to the blockade of land transportation in some mining areas, coupled with the bad weather in Chile, which caused some ports to be unable to load and unload, and the supply of concentrate was disrupted, and TC fell continuously to about
40 US dollars.
Recently, the weather in Chile has improved, but port concentrate stocks are still low and TC repair is slow
.

The resumption of scrap copper companies this week may alleviate the tight
supply of copper to some extent.
The recent rise in copper prices may be a bit overdone, reaching the high price level in 2011, and the highest copper price in 2011 was about 75,000 yuan / ton, and there was limited
room for continued breakthrough.

With the resumption of work after the Spring Festival, higher demand, and the recovery of overseas economies, copper prices remain firm
.
However, the favorable consumption has reached a high level in nearly ten years, and the momentum to continue to climb is insufficient, and it is expected that the short-term high volatility trend of copper prices will be dominant
.