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Copper market afternoon commentary: China's economic data strongly boosted market sentiment, overnight London copper closed up $11, copper concentrate supply tight pattern has not changed, downstream market year-end there is a willingness to stock, copper is rising
today.
In terms of news, China's GDP exceeded 100 trillion yuan for the first time in 2020, an increase of 2.
3%
over the previous year.
The new U.
S.
Treasury Secretary Janet Yellen is expected to make it clear that the U.
S.
does not seek a depreciation
of the dollar.
China's December economic data was slightly lower than expected, but still maintained high growth, and the market was supported by a sharp rally
yesterday.
However, the degree of monetary easing in the United States is uncertain, the dollar rises, the trend of non-ferrous metals diverges, copper and zinc rise, and aluminum and lead fall.
Overnight, London copper once rose nearly 2% before continuing to fall back to close at $7945, and U.
S.
copper opened
slightly higher today.
After yesterday's sharp rise, Shanghai copper opened slightly lower in overnight trading, and the shock closed in a small negative, closing at 58970
.
Shanghai copper trading positions are declining, short-term at 58000 stable rebound, there is support below, copper prices in January may continue to fluctuate as a whole, February before the Spring Festival may appear in the market
.
Shanghai copper upper pressure 60000, lower support 58000
.
Today's international copper premium compared with Shanghai copper significantly shrank to 265 yuan, affected by the rise in the US dollar, the internal market is stronger than the external market
.
