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The copper market was in high volatility on Monday, and copper prices closed lower
.
Strong manufacturing in the United States has far exceeded expectations, the dollar has strengthened, and strong US data last week after the Treasury Department decided that the Fed's stimulus at the beginning of the year will expire at the end of the year, and strong US data has led the market to speculate that the size of new stimulus will be limited
.
The short-term market trading logic is dominated by macro, the economy led by China has maintained more than expected growth, and overseas vaccines have been successful, although it will still experience the drag of worsening the epidemic and further lockdowns at present, but next year is expected to usher in a comprehensive and rapid recovery, and the medium term is good
.
In addition, the expectation of large-scale stimulus policies in the United States and Europe is still waiting to be fulfilled, and the macro situation is obviously
positive.
Fundamentally, demand is stable and resilient, and the overall inventory level is low, especially the inventory in the previous period has fallen to below 100,000 tons, which has obvious support for copper prices
.
In the copper market, the domestic spot market is still high, imports are slightly profitable, and the decline in inventories is the biggest support
in the market.
Technically, LME copper is oscillating near 18-year highs and we await clarity
.
