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Copper market morning comment: Copper prices were still fluctuating at a high level on Monday, showing a surge back down
.
China's strong economic data supported the market, but the dollar's rebound is still market pressure, waiting for Biden's inauguration on the 20th and Yellen's statement
on the dollar.
From a fundamental point of view, last week's domestic fine copper social treasury was slightly reduced, and the pre-holiday stockpile interrupted the accumulation process, but spot remained weak, and the seasonal weakening of consumption did not change
.
LME inventories fluctuated to the downside, with total inventories falling below 100,000 tonnes
.
The weekly TC of copper concentrate has been continuously lowered to around $46, and the high mine price has continued
.
The short-term dollar rebound and weak domestic consumption are the leading logic of trading, and copper prices are expected to continue to fluctuate
.
In the copper market, overseas inventories continued to decline, and nearly half
of warehouse receipts were written off.
Domestic inventories are also low, and consumption prospects are promising
.
Technically, copper prices are still adjusting at high levels, waiting for the release of momentum for the
dollar's rebound.
