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Today's Shanghai copper bottomed out and rose slightly in the afternoon, closing at 59120, up 200, or 0.
34%.
On the macro front, domestic economic data was stronger than expected; U.
S.
Treasury nominee Yellen said that the Fed's low interest rate policy may last for a long time, and the dollar index weakened; Powell made dovish comments that the Fed said it would not raise interest rates in the short term, trying to calm market sentiment
.
Overseas outbreaks remain serious, while the number of confirmed cases in China hit a new high since May, and macro sentiment is still mixed with
the stimulus of easing policies and panic about the spread of variant viruses.
On the supply side, the supply and demand between mine and smelting is still in a tight pattern, and TC is still declining
.
On the smelting side, Chinese smelters' output in January still increased
year-on-year.
The price difference between refined waste is widening, which is not conducive to the consumption of
refined copper.
On the demand side, the operating rate of wire and cable enterprises in December was 91.
02%, down from the previous month, but downstream enterprises near the Spring Festival have a certain demand for stockpiles, and the market has a certain optimistic expectation
for consumption in January.
Domestic and foreign copper stocks declined, and spot premiums rose
.
The macro surface of the copper market is intertwined, supply and demand are neutral, and the short-term may still be dominated by high volatility
.
