Shanghai copper climbed to the limit and continued to update more than nine year highs

During the Asian session, London copper ran high, and the latest quotation at 15:00 Beijing time was 9155 US dollars / ton, up 214 US dollars, or 2.
39%.

In terms of the market, today's domestic spot copper prices rose sharply, Yangtze River nonferrous metal network 1# copper price was reported at 67140 yuan / ton, up 3770 yuan, discount 40-liter 20; Guangdong spot 1# copper price reported 67060 yuan / ton, up 3760 yuan; Yangtze River spot 1# copper 67240 yuan / ton, up 3760 yuan, premium 70-liter 90; Shanghai spot 1# copper price was 67080 yuan / ton, up 3840 yuan
.

In the spot market, high prices suppress demand, downstream wait-and-see sentiment is strong, and transactions are flat
.
The global epidemic has improved, the prospects for economic recovery are optimistic, the United States continues to promote large-scale stimulus measures, the total amount of global explicit inventories is relatively low, Goldman Sachs said copper is facing a historic shortage, copper prices continue to rise
.

On the macro front, global central banks are likely to continue to maintain their current ultra-loose monetary and fiscal policies, and the US dollar is expected to remain weak
.

Fundamentally, the CSPT team finalized the copper concentrate processing fee floor price for the first quarter of 2021 at US$53/mt and US$5.
3/lb.
Decreased by $5 and 0.
5 cents from the fourth quarter of 2020, indicating that the market is still pessimistic about the future supply of copper concentrate, and on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand.