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Copper prices extended their declines on Wednesday night, with the main force of Shanghai copper falling by 67,000
.
In the early morning, the Fed announced that interest rates were unchanged, accelerating Taper in line with market expectations, and hinting at the timing of subsequent interest rate hikes, short-term bearish cashing, U.
S.
stocks and crude oil rebounded indicating a recovery in sentiment
.
However, downstream consumption was weak at the end of the year, and the recovery of inventory limited the upside, and the price spread of refined waste narrowed significantly
.
It is expected that copper prices will rebound in repair within the day, and Shanghai copper will focus on whether it can stand firm at 68,500
.
From a fundamental point of view, the current premium remains low, showing the weakness of the consumer side and the loosening
of supply.
On the one hand, near the end of the year, whether it is downstream cable factories or copper rod enterprises, they will choose to control capital risks and appropriately reduce the amount of orders, so the willingness to purchase before New Year's Day will be suppressed to a certain extent; On the other hand, downstream consumption does show signs of
weakening.
As the north cools, orders from engineering and real estate terminals continue to weaken, and demand enters the seasonal off-season
around the Spring Festival.
In addition, due to the environmental protection problems of the Winter Olympics in the Ningjin area, some small cable factories have limited production and stopped production
.
In terms of stocks, the LME weekly accumulation was 3,425 tonnes to 81,775 tonnes, and the weekly destocking of SHFE was 1,058 tonnes to 6,331 tonnes
.
The weekly accumulation of social treasury is 07,400 tons to 90,100 tons, and the weekly destocking of bonded areas is 08,300 tons to 175,200 tons
.
In terms of imports, from the comparison point of view, this week's import loss on the 01 contract remained at about 300 yuan / ton, while the spot import profit window is open, superimposed on the external back structure has narrowed significantly, and a small amount of demand is concentrated on
warehouse receipts and recent bills of lading.
However, near the end of the year, many traders said that the annual trade indicators have been achieved, and they have recently been busy with year-end liquidation, and their willingness to participate in spot trade has weakened
significantly.
Moreover, the problem of shipping delays has continued to appear recently, which has also inhibited the enthusiasm of
spot trading.
Overall, overseas macro uncertainty has increased
.
Fundamentally, the disturbance at the mine end has increased, and the important ports in northern China are still affected to varying degrees under the interference of the epidemic, the consumption side shows a low season, the end of power cuts is superimposed on the marginal improvement of real estate, and the PMI of the copper industry has risen in November, but the Fed's interest rate decision is imminent, and the market uncertainty is greater
.
Therefore, multiple factors are intricate, and copper prices remain volatile for
the time being.
