Market doubts intensify, LME copper fell from nearly eight-year highs

At 17:00 London time on January 8 (01:00 Beijing time on January 9), three-month LME copper fell $48, or 0.
59%, to $
8,131 a tonne.
London copper had previously hit a daily high of $8,238, its highest level since February 2013, and hit a similar high
for the fourth straight session.

Metals markets rose sharply on expectations of more stimulus spending, including US President-elect Joe Biden's $2 trillion infrastructure spending plan
.
Democrats won two Senate runoffs in Georgia this week, giving them de facto control of both houses
.

Julius Baer's Zurich-based analysts said the market was just looking for good news, and the Georgia election results coincided, but from a fundamental point of view, it doesn't really change things
.
Any impact on metals won't be felt for years until infrastructure projects roll out, and Democrats' weak control in the Senate reduces the likelihood of
pushing big plans.
In terms of both recovery prospects and expectations of a weaker dollar, a lot of good news has already been digested
.
Over the next three months, copper prices could fall back below $8,000, with $7,500 being a reasonable price
.

China's refined tin production fell 6.
4 percent in 2020 as supplies of raw tin concentrate from major supplier Myanmar were hampered
by lockdowns, research institute Anta ike said.

In addition, the US Department of Labor announced on Friday that the US non-farm payrolls fell by 140,000 after the quarterly adjustment in December, compared with an increase of 245,000 in the previous month, and the market expected an increase of 50,000.

The US unemployment rate was 6.
7% in December vs 6.
7% in the previous month and market expectations were 6.
8%.