Rising concerns about tight supply supported copper prices upward

In the external market, Apanlon copper opened at 6180 US dollars / ton, and then adjusted around 6182 US dollars / ton, but was sniped by the bears at the low of 6168 US dollars / ton
.
Subsequently, the bulls increased their positions to take advantage, and London copper rose by about $26 / ton, and then the long and short sides played London copper to give up their gains slightly
.
In the afternoon session, long funds drove London copper to climb again to 6209 US dollars / ton, but due to insufficient upward momentum, London copper fell
sharply.
Entering the European session, affected by international crude oil, London copper quickly rose to the intraday high of 6223 US dollars / ton
.
As of 17:00, London copper closed at 6203.
5 US dollars / ton, up 10.
5 US dollars / ton, up 00.
17%.

Rumours of strikes at Chilean copper mines and renewed intensification of supply chain concerns continued to support copper prices
.
In addition, the Fed will continue to take more actions to support the economic recovery, and the boost in investor confidence has boosted copper prices
.

In terms of the market, the center of gravity of Shanghai copper slowly pushed up to 49850 yuan / ton line, spot market holders quoted firmly, the morning market reported a premium of 50 ~ 60 yuan / ton, the buyer was a little hesitant to wait and see, the transaction deadlock, after 10 o'clock, after the price pressure, flat water copper can be traded at 40 yuan / ton, but the quotation is still firm, good copper remains stable at 50-60 yuan / ton, wet copper rarely changes, stable at the discount of about 50 yuan / ton
.
The market continued to push steadily higher, the spot market also tried to push up the premium at the same time, holders rarely relaxed their mouths to take the initiative to reduce prices, traders actively inquired, as the main contributor to intraday transactions
.
Although the supply and demand sides are temporarily tug-of-war, and the actual transaction is slightly glued, it is difficult to change the current trend
of stable and firm water premium.
In the afternoon, the market rushed close to the 50,000 yuan mark, the market inquiry atmosphere was more cautious than in the morning, but the premium did not see a decline loose, flat water copper premium 40-50 yuan / ton, good copper premium 50-60 yuan / ton, spot transaction price has been at the 50,000 yuan mark, at 49860-50000 yuan / ton
.

At present, economic policy liquidity continues to be loose, Fed Mester said that it will maintain loose monetary policy, and will take more actions to support economic recovery, and the macroeconomic environment continues to improve to boost market risk appetite, which is positive for copper prices
.
Driven by London copper, Shanghai copper continued its rally during the day
.
In terms of fundamentals, the current epidemic in South America continues to spread, with the cumulative number of confirmed cases in Chile exceeding 300,000
.
Chile's National Copper Mining Workers' Association released news that a large number of miners and staff in Chile's major copper mining enterprises have been diagnosed with new coronary pneumonia, and the cumulative number of confirmed cases has exceeded 3,500, and the market's worries about copper supply are fermenting again, supporting copper prices upward
.
Shanghai copper has closed positive for 3 consecutive days, MACD red column expanded, and there is a 5-day moving average below the bottom, the technical point is bullish copper prices
.