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On Wednesday, the copper market was at
a high level after hitting the 2018 high.
U.
S.
jobless claims rose, but expectations of a transition of old and new government and a new policy from the Federal Reserve continued to support the market
.
On the macro side, the preliminary value of the Markit manufacturing PMI in the United States rose to 56.
7 in November, the highest since September 2014, and the manufacturing PMI of many countries in the euro area in November was higher than expected, coupled with the good news of vaccines, the United States began to transfer power, and copper prices climbed to a new high
.
On the supply side, domestic refined copper production continues to increase, in line with refiners' expectations of catching up with annual production, and there are tightening expectations
on the mine side.
The demand side is relatively strong
.
However, the spot market is afraid of heights, the premium continues to decline, the overall transaction is weak, and there are still hidden worries on the current demand side, the recovery of consumption data is less than expected, the price index is down, and the current weak consumption is still an important factor
restricting copper prices.
In the copper market, the domestic copper spot premium has declined, and high prices have suppressed consumption, but the low level of domestic inventories is still the biggest support
.
The fact that copper scrap imports are still not normal is also supportive
.
The LME copper price is located near the 2018 high of $7348, waiting for the market to clear.
