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Today, Shanghai copper is opening high and going
high.
At the end of the day, the main 2102 contract of Shanghai copper closed at 59380, up 610, or 1.
04%.
The Democratic Party has regained control of the House of Representatives and the Senate after six years, and more fiscal stimulus policies are expected to heat up, and the good news supports the intraday high operation of copper prices, and it is expected that the Shanghai copper range will run
strongly at night.
On the macro front, the current global low interest rate and ultra-loose monetary policy are still more likely to continue in the future, which is a very favorable factor for commodities, and as far as Fed monetary policy is concerned, there are no conditions for immediately changing the current ultra-loose monetary policy in the future, so the dollar is likely to remain weak
.
In the spot market, the quotations of holders were firm, high prices suppressed consumption, and low-priced sources traded well
.
Manufacturing data in major economies is good, commodity demand is relatively strong, the US dollar is weak, and the supply at the mine end is still tight, but domestic refined copper production continues to grow, scrap copper imports gradually increase, fundamental support is limited, copper prices or high volatility
.
On the fundamental side, the CSPT team finalized the copper concentrate processing fee floor price for the first quarter of 2021 at $53/mt and $5.
3/lb, down $5 and 0.
5 cents from the fourth quarter of 2020, and the future supply is still difficult to say loose
.
On the demand side, as the most important demand country, China is currently the most effective country in controlling the new crown epidemic
.
Therefore, it is expected that the probability of sustained recovery of domestic economic activity in 2021 is relatively high
.
In addition, the country's 14th Five-Year Plan attaches importance to the new energy sector, and will continue to support the demand for copper varieties
.
