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Shanghai copper continued to fluctuate and fall on Wednesday, and the main contract fell 460 yuan / ton, or 0.
65%,
as of the close.
The spot market transaction is general, but the reported goods are small, so the premium continues, up 105 yuan / ton
from the previous day.
At the end of the year, downstream consumption was weak, intraday spot premium remained stable, the mainstream transaction of flat water copper was around 50 yuan, the mainstream transaction of good copper was around 80 yuan, and wet and poor copper were rare
.
In terms of news, as of 6:30 Beijing time on December 29, there were 1.
62 million new confirmed cases in a single day worldwide
.
France reported 179807 new confirmed cases of new coronary pneumonia in the last 24 hours, and the number of new confirmed cases in a single day reached a record high; The previous day, 30,383 new cases
were reported.
There are 129471 new coronavirus cases
in the UK.
The Omicron strain is still circulating globally, the global growth trend of confirmed cases is accelerating, and the northern hemisphere enters the winter, the new coronavirus transmission capacity has increased, and market concerns are rising
.
On Wednesday, China's major copper smelters set copper concentrate handling/refining charges (TC/RC) at $70 per tonne and 70 cents per pound for the first quarter of 2022, unchanged from the fourth quarter of 2021 but up 32 percent
from the first quarter of 2021.
Fundamentals, upstream copper mine supply showed a growth trend, copper mine supply has improved compared with the previous period, but the cold material supply is still tight, superimposed on the price of sulfuric acid fell sharply, refinery production is facing certain pressure, and there is no rush action at the end of the year, refined copper production growth is limited
.
Recently, domestic imports have decreased, although downstream consumption is still flat, but inventories continue to decline, and the market is showing a tight supply situation, which supports copper prices
.
Technically, the mainstream long position of the Shanghai copper 2202 contract reduced their positions and faced resistance at the 71000 mark
.
