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Brief comment on the copper market: Today's copper price opened low and went low, and in the afternoon it was re-established by the strengthening of surrounding metals to 71,000, and as of 3 p.
m.
, the main 2203 contract of Shanghai copper was reported at 71290, up 450, or 0.
64%.
Macro-wise, markets remained cautious ahead of the Fed's interest rate decision, and the dollar index ended a three-day streak of modest gains
.
The dollar index fell slightly today, as crude opened lower in the morning on the back of an unexpected increase in U.
S.
inventories, but then narrowed losses, falling 0.
13%
as of around 16:13.
In terms of news, according to data from the National Bureau of Statistics, China's refined copper (electrolytic copper) output in December 2021 was 910,000 tons, a year-on-year decrease of 6.
10%.
For the whole year of 2021, refined copper production was 10.
487 million tons, an increase of 7.
4%
year-on-year.
China's copper output in December was 2.
071 million tons, up 2.
1%
year-on-year.
In 2021, copper production was 21.
235 million tons, a year-on-year decrease of 0.
9%.
Fundamentally, seasonal accumulation superimposed on domestic gradually entered the holiday, the premium was steadily lowered, and the short-term support was limited; From a technical point of view, it is expected that copper prices will still be lowered after a slight stabilization, and the main pressure level of Shanghai copper is 72,000, and the upstream and downstream of the operation are waiting and seeing
.
