Market sentiment has improved significantly Copper prices are expected to fluctuate high next week

At the macro level, 15 countries including China officially signed RCEP, injecting new impetus
into economic recovery.
China's latest economic data performed well and market sentiment improved
significantly.
Although the spread of the epidemic in Europe and the United States is grim, there has been new progress in vaccine research and development, the market's confidence in the controllability of the future epidemic has increased, risk sentiment has gradually recovered, and the US dollar index has continued to fall
.

On the supply side, the mine end continues to repair and construction projects restart, but the supply and demand between mine and smelting is still in a tight pattern, and TC remains at a low level
below $49.
At the smelting end, the smelting maintenance in the fourth quarter will be significantly reduced, and the output will be at a high level
.
The supply of copper scrap remained tight
.

Terminal consumption showed differentiation, with cable chain showing signs of improvement but not obvious, while automobiles, home appliances and other fields had a growth driving effect
.
Domestic copper stocks have recently declined significantly, and spot premiums have recently been at a high level
.

At present, China's positive economic growth for the whole year is a high probability event, and the long-term economic operation is good, or it will be the only major economy
in the world to achieve positive year-on-year growth in 2020.
Fundamentals, domestic consumption off-season is not light, inventory is low and declining, the automobile manufacturing industry is recovering steadily, power grid investment at the end of the year there is a possibility of rushing work, new infrastructure and new energy vehicles are expected to continue to contribute to the increment, but refined copper production is also rising steadily, copper prices are expected to fluctuate
at a high level next week.