Macro favorable support period copper main force high volatility

In the previous trading day, SMM1# electrolytic copper was quoted at 59330, up 170, spot premium 130, premium narrowing 35
.
Copper stocks in the previous session fell by 930 tonnes to 29,747 tonnes, LME copper stocks decreased by 1,100 tonnes, and current stocks remain at absolute lows
.

At the macro level, the number of initial jobless claims in the United States for the week of January 2 was 787,000, basically unchanged from the previous value
.
Last night, the three major US stock indexes hit a new closing high, European stocks closed up collectively, international oil prices also operated strongly, and the market sentiment was more optimistic
.

In terms of news, Chile's copper output in November fell by 2.
1% year-on-year, but total production from January to November increased by 0.
2% year-on-year; Peruvian copper production fell 2% in November as protests continue, Las Bambas copper mine may face production stoppages; China's copper concentrate production slowly rebounded, and copper concentrate imports remained stable
overall.
Global copper concentrate remains tight, and processing fees remain low
.

Non-ferrous metals were generally strong in the night session, market sentiment was optimistic, and Shanghai copper or strong running
.
Congress announced Biden's election, the political situation in the United States is clear, the market tends to more fiscal stimulus measures are expected to boost copper prices to record highs, and copper prices are expected to open up upside space in the near future with the support of macro benefits
.