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Shanghai copper bottomed out last
week.
The weekly average settlement price of the current month contract was 58240 yuan / ton, down 196 yuan / ton per day; The average price of the previous week was 58,074 yuan / ton, up 0.
29%
from the previous week.
In the external market, London copper fluctuated last
week.
The average price of LME copper in the first four trading days was 7824.
75 US dollars / ton, down 41.
25 US dollars / ton per day; The average price last week was 7867.
2 US dollars / ton, down 0.
54%
from the previous month.
On the macro front, the UK epidemic worsened during the week, the implementation of more epidemic prevention measures in Europe caused demand concerns, the global economic recovery prospect added to the worries, as the risk of the epidemic decreased, the UK's post-EU trade deal has been reached, and the US epidemic relief bill news has improved market risk appetite
.
Although the US president refused to sign the $900 billion stimulus bill, the market is still optimistic
about it.
In terms of the market, in the week of December 25, domestic spot copper prices bottomed out
.
The average price of Yangtze River nonferrous metal net 1# copper was 58252 yuan / ton, down 152 yuan / ton per day, down 1.
29% on a weekly basis; The average price of the previous week was 58102 yuan / ton, up 150 yuan / ton compared with the previous week, up 0.
26%
from the previous week.
In terms of stocks, Shanghai copper stocks recovered last week, increasing by 927 tons, or 1.
25%, to 75,149 tons
.
London copper stocks continued to decline last week, with a cumulative decrease of 7,300 metric tons to 116,100 metric tons, a cumulative decline of 5.
92%.
On the news front, Chile's Codelco reached an early labor agreement with the union of Chuquicamata, a large copper mine, and the company largely maintained production
at the mine and elsewhere during the pandemic.
Peruvian mining production is gradually recovering, but the Las Bambas project copper concentrate shipment has encountered "force majeure", and the mine's production is being "phased down"
.
Chile's national copper council Cochilco said on Monday that global copper supply this year will be 257,000 mt or 1.
2%
less than in 2019.
At present, the global copper supply remains tight, the copper concentrate processing and refining fee is reduced, the total global explicit copper inventory is at a low level, demand is rising, and the fundamentals still provide support, but there is uncertainty in the macro level, and copper prices bottomed out during the week
.
In the short term, under the condition that domestic Shanghai copper inventories continue to decline, the consumer side may delay the realization of expectations, and it is expected that Shanghai copper is still strong, it is recommended to pay attention to the breakthrough support transformation around 56,000 and further test
upward.
