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The copper market was volatile at a high last week, and copper prices repeatedly tested lows to meet support
.
On the macro level, the overseas epidemic has led to an economic slowdown in economies other than the United States, and the rebound of the US dollar has put pressure on the copper market, and it is estimated that this situation will continue
in the short term.
In 2020, domestic macroeconomic data was released, the domestic economy reached the trillion mark, and the GDP growth in the fourth quarter exceeded market expectations, reaching 6.
5%; Biden became the US president, the market is expected to introduce further economic stimulus policies by the US government, the US dollar continues to weaken, the economic recovery expectation is strengthened, the market's confidence in demand has been boosted, and the support below copper prices is strong
.
As of last Friday, China's electrolytic copper spot inventory was 154,400 tons, and the inventory continued to decline, but considering that the domestic epidemic is still strictly prevented, with the arrival of the Spring Festival, coupled with the production slowdown caused by cold weather, the downstream receiving sentiment is not high, and the market activity reduces short-term copper prices
.
The biggest support of the copper market is still low inventory, the impact of the overseas epidemic on supply is still there, but the main consumers are in the consumption off-season, China is facing the Spring Festival holiday, the copper market also lacks upward momentum, it is estimated that before the spring season, the probability of the copper market continuing to adjust is greater
.
