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On Friday, Shanghai copper rushed back down, for the later trend of copper prices, it is expected that the market trading logic is still dominated by macro.
At present, the endogenous power of the domestic manufacturing industry is constantly increasing, and the supply and demand cycle continues to improve
.
The US stimulus package is based on the $908 billion bipartisan plan, and immediately began negotiations on the stimulus package, coupled with the European Central Bank's increase in the scale of bond purchases, macro sentiment continues to improve, and monetary expectations continue to ease will support copper prices
.
In terms of fundamentals, there was still great uncertainty due to the impact of the epidemic in major producing countries such as Chile in the third quarter, which were more obvious supply-side disruptions
.
On the demand side, as the most important demand country, China's current control of the new crown epidemic is the most effective country
.
Therefore, it is expected that the probability of sustained recovery of domestic economic activity is relatively high
.
Previously, State Grid set the 2020 power grid investment plan at 460 billion yuan, but as far as the current situation is concerned, the actual investment amount of the power grid is far from reaching the standard, so there is also the possibility
of rushing construction after that.
In addition, in the new energy vehicle sector, there is also a certain support for the demand for copper prices
.
In terms of spot, on December 10, Shanghai electrolytic copper spot reported a premium of 80 ~ 110 yuan / ton
for the contract of the month.
The transaction price of flat water copper is 56930 yuan / ton ~ 57070 yuan / ton, and the transaction price of premium copper is 56950 yuan / ton ~ 57090 yuan / ton
.
After experiencing the collective shipment of previous holders and a large number of downstream just need to purchase, the market supply returned to a tight state, resulting in obvious traders' price sentiment and a slight stalemate
in market transactions.
The Shanghai spot market showed a trend of high reporting and low movement, and individual traders sharply lowered their premiums at the end of the day, but the overall price sentiment of the market was still strong
.
