January 11 Copper Market Afternoon Review

On Friday, London copper briefly hit a new high of $8238 before diving to close at $8084, and U.
S.
copper opened
lower today.
Shanghai copper opened low overnight, bottomed out and rebounded to close below 60,000 points, closing above the 5-day moving average at 59770, which may open lower with the outside today.
Shanghai copper trading rose and positions decreased significantly, and market sentiment tended to be cautious
.
Recently, the yuan has turned weak, the market is looking forward to new stimulus policies in the United States, and copper prices are expected to continue to fluctuate in January, with upper pressure of 62000 and lower support of 58500
.
Today's international copper premium compared with Shanghai copper shrank sharply to 244 yuan, and the external market sentiment was not good
.

Copper prices fell more than 1% overnight over the weekend due to the domestic epidemic and the introduction of restrictions
.
Due to the epidemic, Hebei Province has imposed traffic restrictions on several areas, and most enterprises in the region have stopped working
.
But overall dollar weakness and tight concentrate supply still supported copper prices
.
Since the second quarter of last year, China's economic recovery has been good, copper demand has recovered significantly, and domestic copper demand in the early stage was mainly driven by power investment, making up for the decline in the
automobile, home appliance and real estate industries.
At present, demand has entered the traditional demand off-season
.
Short-term copper prices may fluctuate widely, and short-term participation
is recommended.
In addition, it is recommended to pay attention to changes
in the US dollar, RMB exchange rate, overseas epidemic and other aspects.