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January 20 copper market morning review

 Last Update: 2022-12-24
 Source: Internet
 Author: User

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Copper market morning comment: Shanghai copper main futures contract continued to hover around 70,000 yuan per ton on Wednesday, and Shanghai Nonferrous Metal reported a spot premium of 310 yuan per ton, slightly lower
than Tuesday.

Copper City

In terms of news, yesterday's crude oil transportation pipeline from Iraq to Turkey was temporarily interrupted due to fire, and the International Energy Agency raised its forecast for oil demand growth in 2022, and international oil prices soared again yesterday, positive for copper
.
In addition, the dollar index fell overnight, boosting copper's center of gravity
.

On the macro front, it is relatively stable, and the market is waiting for the Fed's interest rate decision
next week.
Fundamentally, after more than a decade of silence, BHP Billiton, once the most active trader in the mining industry, is preparing
for a return to large-scale mergers and acquisitions.
According to people familiar with the matter who spoke on condition of anonymity, BHP Billiton has expanded its trading team, including in London, and is interested in pursuing transformational deals
.
They said the company was evaluating competitors including Freeport-McMullan and Glencore, while stressing that there was no indication it was preparing any bids
at this time.

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