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Copper market noon comment: overnight London copper opened sharply higher, rushed back down to close the doji, closed near the 5-day moving average of $7994, U.
S.
copper opened
slightly higher today.
Shanghai copper opened high overnight, once rising close to 1% before falling back to turn green, closing in the cloud, closing at 58820
.
Shanghai copper trading positions are rising, internal confidence is strong, short-term at 58000 stable rebound, there is support below, copper prices in January as a whole may continue to fluctuate trend, 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 continued to shrink sharply to 200 yuan, and the internal disk was stronger than the external market
.
U.
S.
Treasury Secretary Janet Yellen: Call for a new round of large-scale stimulus to support the development of
electric vehicles.
The Eurozone's ZEW economic sentiment index recorded 58.
3 in January, the highest since
September last year.
Vehicle sales in Europe fell 24% in 2020, the largest decline in history
.
The market is optimistic about the new round of US stimulus program, the dollar fell, and most non-ferrous metals strengthened
.
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
.
