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On Thursday, the copper market went higher, the day the US Capitol Hill was stormed for a day trip, the final election certification returned to normal, Biden was elected, Trump said that he would smoothly hand over, and the farce ended
.
Biden's campaign proposition is the first thing to manage the epidemic after taking office, and the market is more concerned about infrastructure and clean energy investment of 2 trillion yuan in 4 years, which is expected to continue to improve
.
The macro atmosphere continued to improve, the US Democratic Party won control of the Senate, the market expected further stimulus policies in the US in the future, the market sentiment improved, and the dollar index continued to run
weakly.
Consumption expectations are still good, and the automotive (especially new energy vehicles) and home appliance sectors may boost demand to a certain extent
.
Although the domestic copper inventory margin has risen slightly, overseas stocks are still falling, and the current supply of copper mines is still tight, while the supply of aluminum is relatively loose
due to the expansion of imports and the withdrawal of environmental protection production restrictions in Henan, Shandong and other places.
Therefore, in the short term, the pattern of strong copper and weak aluminum will continue
.
The copper market was most concerned about LME inventories on Thursday, inventories continued to decline, and the write-off of warehouse receipts increased sharply by 6,000 tons to 34,000 tons, accounting for 1/3 of the entire inventory, domestic inventories also fell, and off-season inventories were counter-seasonal to support
copper prices.
The LME copper price held steady at $8,000, and the market may continue to rise towards $8,800
.
